The U.N. is planning to launch an emergency meeting this month to discuss the possibility of a major international agreement to curb the global drilling boom, a source familiar with the situation told Reuters on Monday.
The conference is to discuss possible international measures to limit the growth of new oil and gas fields and limit the risk of an “unstable” situation in which global oil production and supplies increase rapidly, the source said.
The U.K.-based Organization of the Petroleum Exporting Countries (OPEC) is due to hold a meeting on Feb. 24-25 in Vienna to discuss an oil embargo to try to curb output, which could be the first such meeting since the Arab Spring erupted in 2011.
It has been two years since the first oil embargo was imposed on OPEC members.
That is when oil prices soared, forcing many oil-rich countries to curtail production.
The OPEC meeting in Vienna comes amid signs the U, U.Y. and Russia are close to agreeing on a temporary extension of the embargo to January.
The US. has said it will hold a similar meeting on Wednesday.
The Opec summit is a crucial event in the negotiations over a new global oil-price ceiling set by the Organization of Petroleum Exports (OPEX) that will have a significant impact on global oil prices.
The meeting would be the last major OPEC gathering before the summit in Vienna in March.OPEC members have been discussing the possible extension of its production ceiling to January for years, but negotiations have been frozen for fear of a prolonged slowdown in global oil demand and prices.
Russia has said that it would push ahead with the next meeting, and OPEC has said any new deal will not come into force until after the meeting.
Oil prices rose sharply after OPEC agreed to extend the ceiling, but they fell sharply again in the second half of last year as supply surged in the U-S.
and Europe, and U. S. production increased.
The Brent crude oil price has climbed more than 20 percent this year after falling to its lowest level in more than a decade in June.
The price has recovered to about $50 per barrel this week from its June low of $49.50.