Both WTI and Brent fell to 2022 lows, the price drop came after The Wall Street Journal, citing unnamed delegates, first said "Saudi Arabia and other producers from OPEC were discussing an output increase of as much as 500,000 barrels a day, likely announced at its early-December meeting."

Reversing decision for a production cut 

A production increase is now under discussion for OPEC+’s Dec. 4 meeting, delegates said, according to the report. The move would come a day before the European Union is set to impose an embargo on Russian oil and the Group of Seven wealthiest nations plans to launch a price cap on Russian crude sales, potentially taking Moscow’s petroleum supplies off the market. 

Any output increase would mark a partial reversal of a controversial decision last month to cut production by 2 million barrels a day.