OPEC members have been struggling to balance their plans to curb global oil output as a global supply glut keeps the price of crude soaring.
But they may soon be out of options, as OPEC heads into its sixth meeting of the cartel on Friday.
In an effort to avoid the worst consequences of a global oil glut, the cartel is expected to approve a resolution that will impose new economic sanctions on major producers like Russia and Saudi Arabia and impose restrictions on imports of non-OPEC oil.
The move is expected on Thursday, according to Reuters.
It is unclear what effect the new sanctions could have on the OPEC plans to meet in Vienna later this month for their sixth meeting in six years.
It is also unclear if OPEC will follow through on a decision to cut production by more than 2 million barrels per day (bpd) to maintain market stability, Reuters reported.
The United States, the world’s largest oil producer, and other major producers are concerned that the sanctions could force them to reduce output even more.
In particular, they worry that it could put pressure on oil producers like Saudi Arabia, Russia and Venezuela to cut output.
Oil prices have tumbled to $48 a barrel in recent weeks, after falling to about $40 a barrel a day before the summer and falling again on Wednesday to a low of $32.20.
The price of oil has been on a tear, with Brent crude falling more than $50 a barrel to trade at around $54 a barrel, according the Energy Information Administration.
The Brent-U.S. index is up more than 50% since the beginning of the year.
The Dow Jones Industrial Average has gained 1,600 points this year.
The oil industry is hoping that the new U.S.-imposed sanctions on the Middle East and North Africa (MENA) will keep prices from falling too far.
OPEC has already cut production in some regions, including Algeria and Libya.
The group is also worried that the U.N. oil-trade panel’s latest report will not provide any more certainty about its oil supply plans.
It could take weeks or months for the panel to release its final report, and some analysts say the next meeting of OPEC could be a disaster for the organization.