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OPEC is making a last-ditch effort to rescue an organization many dubbed dead only weeks ago by working on a deal to restore unity among some of the world’s largest oil exporters as ministers gathered in Vienna.

Oil fell after output talks April 17 between the world’s biggest producers ended without any agreement on limiting supplies, a diplomatic failure that threatens to renew the rout in prices.

Major oil producers are likely to meet in April to discuss a proposal to freeze output at January levels to stabilize the market, according to four Gulf OPEC delegates.

Oil prices may have passed their lowest point as shrinking supplies outside OPEC and disruptions inside the group erode the global surplus, the International Energy Agency said.

The global oil surplus will be bigger than previously estimated in the first half, increasing the risk of further price losses, as OPEC members Iran and Iraq bolster production while demand growth slows, according to the International Energy Agency.

Global oil markets could “drown in oversupply,” sending prices even lower as demand growth slows and Iran revives exports with the end of sanctions, according to the International Energy Agency.

Oil extended losses below $40 a barrel amid speculation a record global glut will be prolonged as OPEC effectively abandoned its longtime strategy of limiting production to control prices.

Oil headed for its largest monthly drop Nov. 30 since July as Iran signaled the Organization of Petroleum Exporting Countries won’t reduce its production target at a meeting this week.

The average price of crude sold by OPEC fell below $40 a barrel for the first time since 2009, underscoring the financial cost of the group’s strategy to defend its market share.

OPEC trimmed estimates for supplies from outside the group in 2016 as the slump in prices takes its toll on the U.S. shale-oil industry.