The Organisation of Petroleum Exporting Countries will on Wednesday consider a plan for a two-step increase in its official production ceiling in an effort to bring oil prices below $50 a barrel.

The oil cartel fears economic damage from high oil prices, and Opec ministers on Tuesday reached consensus for the first step an increase in the production ceiling of 500,000 barrels a day to take total output to 28m b/d, which puts it in line with current output levels. The ministers were also discussing an additional increase of 500,000 b/d that could add real supply to customers.