Two sources involved in the OPEC Plus talks told Reuters that the alliance of oil-producing nations had reached a consensus on crude output cuts.

A representative of the OPEC+ coalition talks told Reuters that the group’s meeting today, Thursday, to discuss production levels in 2024 focused on new cuts for the first quarter of no less than 1.3 barrels per day.

Another source said total production cuts could approach two million barrels per day based on the outcome of negotiations between members today.

Meanwhile, Algerian Energy and Mines Minister Mohamed Argob told Reuters that the OPEC+ meeting on Thursday to discuss oil production levels in 2024 will reconvene before the end of the year.

He said Algeria had agreed to cut oil production by an additional 50,000 barrels per day next January.

In this context, a source told the OPEC Plus meeting that Saudi Arabia is preparing to cut production by one million barrels per day at the beginning of 2024, according to the terms of the group’s agreement, with Russia contributing to a reduction of 500,000 barrels per day. According to Reuters.

Other members of the producer alliance are also expected to offer additional discounts, the source added.

A meeting of the OPEC Plus Joint Ministerial Monitoring Committee ended on Thursday without making recommendations on production levels for 2024, a representative told Reuters.

Two other representatives later confirmed that no recommendation had been made.

The group held its meeting ahead of the meeting of ministers of the OPEC Plus group of oil producing countries, which begins today on Thursday.

And in this situation, an OPEC Plus representative said on Thursday that Brazil is expected to join the alliance from January.

“OPEC Plus” includes the countries of the Organization of the Petroleum Exporting Countries (OPEC) and producers outside it, led by Russia.