OPEC members are considering oil-production cuts ahead of schedule in order to backstop plunging prices, new report says

OPEC members are considering oil-production cuts ahead of schedule in order to backstop plunging prices, new report says

Some OPEC members are considering cutting oil production right away instead of waiting until a historic deal begins next month, The Wall Street Journal reported Monday , citing sources familiar with the matter.. Saudi Arabia could begin cutting production immediately under a proposal being considered, according to the report.. On Monday, oil prices plunged below zero for the first time in history and traded as low as -$40 per barrel, prompting the kingdom to consider lowering production as soon as possible, instead of waiting until next month when the agreement between Saudi Arabia and Russia is set to begin, according to the report.. Saudia Arabia could begin cutting production immediately under a proposal being considered, if it aligns with the kingdom's legal obligations and agreed upon deliveries, according to The Journal.. The proposal could be applied to other OPEC countries, the report said.. If concerns about storage continue as demand remains low, oil prices could see further volatility..