The OPEC+ countries seek to maintain the stability of oil markets at their meeting on Sunday amid global economic turmoil and uncertainty surrounding global economic and political prospects.
Last week, Saudi Energy Minister Prince Abdulaziz bin Salman warned "short sellers" against betting on oil prices falling, saying they should watch out.
Ministers of OPEC and its allies began their two-day meetings on Saturday at the organization's headquarters in Vienna.
Reuters quoted unnamed sources saying that the OPEC+ alliance will discuss possible options, including additional oil cuts.
OPEC+ pumps around 40 percent of the world's crude, meaning its policy decisions can significantly impact oil prices.
Several countries in the coalition had announced voluntary cuts of 1.6 million barrels per day last April, in addition to the two million barrels per day that had been previously reduced. The decision took effect in May.
The surprise output announcement in April helped to drive oil prices about $9 per barrel higher to above $87, but they swiftly retreated, under pressure from concerns about global economic growth and demand. On Friday, the international benchmark Brent settled at $76.
However, Russian Deputy Prime Minister Alexander Novak said he did not expect any new steps from the OPEC+ group at its meeting in Vienna on June 4, according to Russian media.
"This figure is premature, and these matters have not yet been addressed."
Western countries have accused OPEC of manipulating oil prices and undermining the global economy by raising energy costs.
The West also accused OPEC of being too biased toward Russia, despite sanctions over Moscow's invasion of Ukraine.
Reuters indicated that OPEC officials said the West's money-printing over the last decade exacerbated inflation and forced oil-producing nations to take measures to preserve the value of the leading commodity among their exports.
Asian countries like China and India bought the lion's share of Russia's oil exports and refused to join Western sanctions against Russia.
UAE Energy Minister Suhail al-Mazrouei said that there is an aspiration for a resolution that guarantees a sustainable balance of supply and demand.
The International Energy Agency (IEA) expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.
Analysts at JPMorgan, however, said OPEC needed to act more quickly to adjust supply to record high levels of US output and higher-than-expected Russian exports.
"There is simply too much supply," the JPMorgan analysts said in a note, adding that extra cuts could amount to around one million bpd.