OPEC + representatives said they would consider cutting production by more than 1 million barrels a day when they meet in Vienna on Wednesday.This is the biggest production reduction since the outbreak and reflects OPEC +'s concern about a rapid slowdown in the global economy amid rapid monetary tightening.

Brent crude soared to more than $125 a barrel after the Russo-Ukrainian war broke out in February, but has since shaken down, reducing revenues for Saudi Arabia, Russia, the United Arab Emirates and other major oil producers.

Oil prices rose sharply on the news of the production cut. As of press time, Brent crude rose 3.45% to $88.08 a barrel.

Energy Aspects Ltd. "OPEC + is very concerned about the US interest rate hike and its impact on emerging market demand," said Amrita Sen, chief oil analyst. As a result, they want to avoid any possible glut in the global market. "

Massive production cuts could have a new impact on the global economy, which is already grappling with energy-driven inflation.The United States and other countries had called on OPEC to increase production, and Biden visited Saudi Arabia in July to increase production in order to eventually lower gasoline prices for Americans before the mid-term elections in November.

Average US gasoline prices fell sharply after hitting a record above $5 a gallon in June, but have risen again to about $3.80 a gallon in the past 10 days.

Biden also tried to limit Russia's oil revenues, but OPEC + production cuts could have the opposite effect.

Banks, including JPMorgan Chase & Co, have previously said OPEC + may need to cut production by at least 500000 barrels a day to stabilize oil prices. Helima Croft, chief commodities strategist at RBC Capital Markets, has pointed out that OPEC + may choose to cut production by twice as much.