The proposal will be discussed by a ministerial monitoring committee led by Saudi Arabia and Russia.
Oil prices slumped after Russia refused to bend to the will of Saudi Arabia.
The standoff is the biggest crisis since Saudi Arabia, Russia and more than 20 other nations created the OPEC+ alliance in 2016.
The 1.5 million barrel-a-day cut would include Russia and other non-OPEC allies, say sources.
For two days, Saudi Arabia’s new oil minister appeared to have stage fright.
OPEC+ agrees to reduce its output target by 500,000 barrels a day.
OPEC+ is poised for a deal that adjusts its official production targets
Saudis Offer OPEC+ Quid Pro Quo: We’ll Cut If You Stop Cheating
The oil giant disclosed a catalog of risks, ranging from terrorism to government interference
Saudis Are Ready to Cut Oil Output Deeper, Nigeria Minister Says
Saudis Race to Restore Oil Output After Crippling Aramco Attack
The facilities in Abqaiq and Hijra Khurais were attacked, according to the state-run Saudi Press Agency.
Saudi Prince’s Oil Diplomacy Makes Mark at OPEC+ Meeting Debut
Ministers from OPEC+ are gathering in Abu Dhabi with deeper production cuts off the agenda for now.
“We have always said Aramco is ready for listing whenever the shareholder makes a decision to list. It’s going to be very soon.”
Saudi Arabia’s Royal Oil Minister Is the Ultimate OPEC Insider
Aramco may hold formal meetings with some families next week.
Saudis to Suppress Oil Supply in September to Stabilize Market
Saudis Dig in for Long Shale Fight as OPEC Extends Cuts to 2020
Saudi Arabia has committed to deeper cuts than its cap requires in an effort to drain stockpiles.
After more than 10 hours of meetings, ministers confirmed an agreement to extend existing production curbs for nine months.