The Organization of Petroleum Exporting Countries (OPEC) and its allies are preparing to lower their current crude oil production cut level to 7.7 million barrels per day (bpd), from the existing 9.7 million bpd.

Axar.az reports citing foreign media.

The group known as OPEC+ has been curbing their crude oil output by a total of 9.7 million bpd from May 1 through July 31 in order to mitigate the adverse impact of the novel coronavirus (COVID-19) on global oil demand.

Now, joining for the 20th meeting of Joint Ministerial Monitoring Committee (JMMC) via videoconference on Wednesday, the group believes that global oil demand has recovered moderately, and wants to ease some of the cuts in their crude oil output.

There are signs of "early recovery" in the global oil market, Russian Energy Minister Alexander Novak said in his speech during opening remarks of JMMC meeting, adding that the OPEC+ group is discussing to ease output cuts to 7.7 million bpd.