Bloomberg, citing sources in the OPEC+ alliance, said member countries will consider cutting oil production by more than one million barrels per day when they meet next Wednesday in Vienna.
This larger-than-expected decline will reflect concerns that the global economy is slowing rapidly under the pressure of tight monetary policy adopted by major central banks to curb inflation.
Delegates in the OPEC+ alliance said no final decision on the size of the cuts would be made before the ministerial meeting.
The OPEC+ meeting in Vienna next Wednesday will be the first face-to-face meeting since the outbreak of the corona crisis in 2020, as the group used to meet online every month.
Brent oil jumped above $125 a barrel after the Russo-Ukrainian crisis began last February, but has since fallen to $85.