The Trump administration is considering a diplomatic push to get Saudi Arabia to close its taps and using the threat of sanctions on Russia to force them to reduce output, the Wall Street Journal reported.
President urged to embargo oil from OPEC and Russia.
Saudi Arabia said it will boost its crude supply in April to a record rate and its oil exports are also set to hit a new high in May.
In a letter seen by Reuters, Iraq's oil minister asked OPEC Secretary-General Mohammad Barkindo to help "urgently achieve" extraordinary meetings of the OPEC+ group.
An OPEC and non-OPEC technical meeting planned for March 18 in Vienna has been called off as attempts to mediate between Saudi Arabia and Russia after the collapse of their supply cut pact made no progress, sources said on March 16.
"It’s a problem of an oil price war in the middle of a constricting market when the walls are closing in," said Daniel Yergin, who is also vice chairman of IHS Markit.
For the most part, oil is a top income source for members of OPEC and such a dramatic fall in prices will put a strain on their economies.