The Organization of the Petroleum Exporting Countries (OPEC) and allied oil-producing countries, including Russia, are discussing output cuts of more than 1 million barrels per day (bpd), sources said Monday, and voluntary cuts by individual members could come on top of that, making it the largest cut since 2020.

The meeting will take place on Wednesday against a backdrop of falling oil prices and months of severe market volatility that prompted top OPEC+ producer, Saudi Arabia, to say the coalition could cut production.

The OPEC+, which combines OPEC countries and allies such as Russia, has refused to raise output to lower oil prices despite pressure from major consumers, including the United States, to help the global economy.

Biden has called on cartel members to pump more oil to lower gasoline prices and the burden on consumers. The OPEC+ has stuck with only cautious increases to make up for deep cuts made during the COVID-19 pandemic, which were finally restored in August.

Prices have nevertheless fallen to below $90 per barrel from as high as $120 in recent months due to fears about the global economy and a rally in the U.S. dollar after the Federal Reserve (Fed) raised rates.

"It may be as significant as the April 2020 meeting," the source told Reuters, referring to when the OPEC+ agreed to record supply cuts of around 10 million bpd, or 10% of global supply, as the COVID-19 pandemic hit demand.

A significant production cut is poised to anger the United States, which has been putting pressure on Saudi Arabia to continue pumping more to help oil prices soften further and reduce revenues for Russia as the West seeks to punish Moscow for sending troops to Ukraine.

The West accuses Russia of invading Ukraine, but the Kremlin calls it a "special military operation."

Saudi Arabia has not condemned Moscow’s actions amid difficult relations with the Biden administration.