OPEC and Russia have proposed cutting their oil production by another 500-thousand barrels a day for a total cut of one.seven million barrels.
The Wall Street Journal reported Thursday that both sides suggested the idea at their biannual meeting in Austria.
Russian's energy minister confirmed it was discussed, but said it will only be implemented with the agreement of all the parties.
The proposal is set to be finalized on Friday with an outline of how much each country will cut.
The oil industry has been calling for cuts amid rising concerns of oversupply, which could potentially drag down oil prices by as much as 30 percent next year.