Bloomberg reports that the OPEC+ group of oil producers will consider an oil output cut of more than 1 million barrels per day (bpd). 

According to the report, OPEC+ group is meeting in Vienna on Wednesday and finalize its decision. The 23-nation alliance had been conducting meetings online every month previously. 

With the slowing global economy and market volatility, the cut in oil output will have a significant impact. Investment banks such as J.P. Morgan and Chase & Co. have said that in order to stabilize oil prices, OPEC+ would need to reduce its production by 500,000 barrels per day.

Earlier in September, the OPEC+ decided on a modest 100,000 barrel-a-day supply cut, while adding that the group may do more in the fourth quarter if necessary.

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The OPEC statement said, "OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms of the Declaration of Cooperation to deal with these challenges and provide guidance to the market."

Following the Ukraine crisis, the crude price climbed above $125 a barrel.

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