OPEC members are inching toward a compromise that could lead them to cut oil supply, as the producer group this week prepares for one of its most closely watched meetings in years

OPEC members are inching toward a compromise that could lead them to cut oil supply, as the producer group this week prepares for one of its most closely watched meetings in years.

Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, is likely to side with calls for the group to adhere more closely to its self-imposed production ceiling at Thursday’s meeting of OPEC oil ministers, according to a Gulf official familiar with the Saudi position.

Support for such a move, which would be based on tighter compliance with OPEC’s existing output limit as opposed to an outright cut to its production target, was coalescing last week at a meeting of OPEC advisers, according to several of those present. With oil prices having recently stabilized at around $80 a barrel following a 30% slide since the summer, some within OPEC have seen less urgent need for the group to take stronger action.

But as late as last week the Saudis’ likely approach at Thursday’s meeting was unclear to most members.