The Saudi-led OPEC Plus coalition is preparing to reduce oil production cuts when its members meet next Wednesday via video calling.
The US Wall Street Journal reported that the move comes amid signs that global demand has recovered after the closings to tackle the Corona pandemic.
The newspaper added that delegates from the coalition countries indicated that Saudi Arabia and the majority of member states support reducing cuts starting from next August.
She said that according to a Saudi proposal, the OPEC Plus coalition will reduce the current restrictions by two million barrels per day, bringing the total cuts to 7.7 million barrels per day.
The OPEC Plus technical committee meeting is scheduled for July 14, and the joint ministerial oversight committee of the same organization will be held on July 15.
And this month, Russian Energy Minister Alexander Novak said that the OPEC Plus group is expected to start reducing crude production cuts as of August, as previously agreed.
He added that the global oil market may strike a balance between supply and demand in the current July, and may even face a shortage of crude, and that no decisions have been taken on any possible amendments to the agreement between the Organization of the Exporting Countries (OPEC) and other producers.
The "OPEC Plus" group had agreed to reduce oil production as of last May by 9.7 million barrels per day, which is a record size, after the Corona Virus pandemic dispelled a third of the world's oil demand.
It is now scheduled to continue with the standard cuts until the end of this July, before reducing their size to 7.7 million barrels per day until next December.