The Organization of the Petroleum Exporting Countries (OPEC) are expected to agree oil production cuts starting from December, sources told Reuters.
OPEC members are apparently keen on cutting oil production by around 1.4 million barrels per day (b/d) – around 1.5% of global supply. However, other countries such as Russia are reluctant to do the same.
Prices have fallen for the sixth consecutive week amid concerns of oversupply. Brent has reached $66.76 per barrel, a 4.6% decline during the week.
OPEC ministers will meet in Vienna on December 6 amid an increasing global surplus to discuss production targets over the coming six months.
US production is continuing to climb, and reached a new record of 11.7 million b/d last week, government data showed.