OPEC+ is meeting this week to decide on production.
The group of oil producers will reportedly consider cutting output by more than 1 million barrels a day, delegates tell Bloomberg.
The meeting will take place on Wednesday in Vienna.
.A production cut would reflect the concern that the global economy is slowing fast in the face of rapidly tightening monetary policy.
Oil prices have also been affected by the stronger dollar.
A final decision on the size of the cuts won’t be made until ministers meet, the delegates said.
Brent crude soared above $125 a barrel following Russia’s invasion of Ukraine in February.
It’s since dropped to $85, cutting into the profits that Saudi Arabia, Russia, the United Arab Emirates and other members of the coalition have enjoyed.
Oil prices dipped on Friday in choppy trading but notched their first weekly gain in five on Friday.
Brent crude futures traded at $87.96 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell to $79.49.
Oil fell 25% in the quarter that ended Friday.
Banks, including JPMorgan Chase & Co., said OPEC+ may need to lower output by least 500,000 barrels a day to stabilize prices.