The logo for the Organization of the Petroleum Exporting Countries is seen on Nov. 29, 2017. Omar Marques | SOPA Images | LightRocket | Getty Images

OPEC is reportedly planning to release a table detailing voluntary supply cut quotas among its members and allies, Reuters reported Thursday, as the influential oil cartel steps up its efforts to put a halt to one of the biggest oil price falls in years. OPEC Secretary General Mohammad Barkindo said to reach the proposed cut of 1.2 million barrels per day (bpd), the effective reduction for member countries would need to be 3.02 percent. That is higher than the initially discussed 2.5 percent discussed earlier this month. "In the interests of openness and transparency, and to support market sentiment and confidence, it is vital to make these production adjustments publicly available," Barkindo reportedly told OPEC members in the letter. "I would urge Your Excellencies to kindly make positive announcements reinstating your countries' commitment to implementing the agreed decisions. This is also vital to underpin trust in our decisions and to buttress ourselves from any naysayers who may doubt our commitment." WATCH: Here's what dictates the price of oil

Crude crash

Since climbing to four-year highs in early October, crude futures have crashed by more than a third. The latest wave of heavy selling comes at a time when the energy market as well as the global economy is gripped by a flurry of bearish factors. Heightened concerns of oversupply, reports of swelling inventories, forecasts of record U.S. and Russian output and intensifying concerns about an economic slowdown have all placed downward pressure on the value of a barrel of oil. International benchmark Brent crude traded at around $55.43 on Thursday, down around 3 percent, while U.S. West Texas Intermediate (WTI) stood at around $46.56, more than 3.3 percent lower. OPEC was not immediately available for comment when contacted by CNBC Thursday morning.

Cutbacks