Boeing could reduce production of the 737 Max jet or suspend it entirely following two fatal crashes, according to reports.

The board of the US planemaker is meeting in Chicago today to assess the output of the troubled jet.

A decision on whether to suspend production is expected later.

The US aviation regulator, the Federal Aviation Administration (FAA), said last week that it would not approve the plane’s return to service before next year, reports Reuters.

The best-selling Boeing 737 Max jet has been grounded since March this year after being implicated in two deadly crashes.

Boeing parks grounded 737 planes in employee car park: In pictures Show all 6 1 /6 Boeing parks grounded 737 planes in employee car park: In pictures Boeing parks grounded 737 planes in employee car park: In pictures Boeing 737 aeroplanes are parked in the employee car park of Boeing's Seattle factory King 5 Boeing parks grounded 737 planes in employee car park: In pictures Seen above the car park is the full storage area for planes at Boeing's Seattle factory D. Permadi Boeing parks grounded 737 planes in employee car park: In pictures Six 737s are currently being stored in the car park as they have not been delivered from the factory due to the model being grounded following two major crashes Boeing parks grounded 737 planes in employee car park: In pictures Boeing has incurred first quarter losses of around $1 billion following the crashes and ensuing controversy King 5 Boeing parks grounded 737 planes in employee car park: In pictures The company grounded their 737 model in March following their second deadly crash in months King 5 Boeing parks grounded 737 planes in employee car park: In pictures Seen above the car park is the full storage area for planes at Boeing's Seattle factory

Lion Air flight 610 crashed into the Java Sea shortly after take-takeoff from Jakarta, Indonesia, in October last year, killing 189.

Then in March, 157 people lost their lives when Ethiopian Airlines flight 302 went down just outside Addis Ababa.

An anti-stall precaution known as the Maneuvering Characteristics Augmentation System (MCAS) was implicated in both incidents.

Following the worldwide grounding, Boeing has cut production of the Max from 52 planes a month to 42.

A Boeing spokesperson said: “We continue to work closely with the FAA and global regulators towards certification and the safe return to service of the Max.

“We will continue to assess production decisions based on the timing and conditions of return to service, which will be based on regulatory approvals and may vary by jurisdiction.”