The Wall Street Journal reported, citing sources familiar with the situation, that the list of countries willing to organize a meeting on the issue comprises Venezuela, Ecuador and Kuwait. Some OPEC members believe that they could solve the issue on September 26, when oil producers meet at the International Energy Forum (IEF) in Algeria.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply and causing significant problems for energy companies and oil-producing countries.
In order to support oil prices, both OPEC member states and non-cartel members made a number of efforts to freeze oil output, but these attempts failed.