The Organization of Petroleum Exporting Countries may as soon as this weekend approve Saudi Arabia's plan to boost oil output quotas because of concerns that near record-high prices will slow economic growth, Bloomberg reported.

Oil ministers will discuss the proposal to raise the OPEC limit by 1.5 million barrels a day, or 6.4 percent, during an oil forum in Amsterdam starting May 22, the organization’s president, Purnomo Yusgiantoro, said. OPEC states including Kuwait, Qatar, Iran and Indonesia have backed the Saudi plan.

“Probably it will go through,” said Leo Drollas, deputy executive director of the Centre for Global Energy Studies in London. “Prices may weaken from the highs, but they are not going to come down below about $37 in the next month or so.”

Crude oil has gained 26 percent this year in New York, peaking May 17 at $41.85 a barrel.