Oil prices surged in early trading in Asia after representatives said OPEC + was considering cutting production by more than 1 million barrels a day at its meeting this week to stem the decline in oil prices. WTI crude oil futures opened up more than 3%, rising for the first time in three trading days. Although delegates said they would not make a final decision on the scale reduction before Wednesday's ministerial meeting, the reduction would be the biggest since COVID-19 's outbreak. The move comes after crude oil prices fell on Friday for the first time in more than two years as concerns about a global economic slowdown weighed on the outlook for energy demand. Banks, including JPMorgan Chase & Co, recently said OPEC+ may need to reduce production by at least 500000 barrels a day to stabilize oil prices.