The OPEC+ alliance will consider cutting oil production by more than one million barrels per day when it meets in Vienna on Wednesday, delegates from member countries of the alliance said, according to Bloomberg.

She pointed out that “the larger-than-expected contraction (if approved) will reflect the degree of concern that the global economy is rapidly slowing down due to the tight monetary policy pursued by most major central banks, as well as the impact of a strong dollar on prices.” , noting that “delegates noted that a final decision on the size of the cuts would not be made before the ministerial meeting.”

The price of Brent oil jumped above $125 a barrel after Russia’s war with Ukraine last February. It has since dropped to $85, cutting into the huge profits that alliance members make.

And the OPEC secretariat announced yesterday, Saturday, in a statement that the OPEC+ alliance, which includes 23 countries, is due to meet on Wednesday at the organization’s headquarters in Vienna.