Industry

Sources: OPEC+ to Consider Oil Output Cut of More Than 1 Million Bpd

DUBAI —

OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) when it meets on Oct. 5, OPEC sources told Reuters on Sunday.

 

The figure is slightly above estimates for a cut given last week, which ranged between 500,000 bpd and 1 million bpd.

 

OPEC+, which combines OPEC countries and allies such as Russia, is meeting in person in Vienna for the first time since March 2020.

 

“It is a meeting that is taking place at a very interesting global time,” one of the sources said.

 

The output cuts are being considered on the back of a slide in oil prices from multi-year highs reached in March and market volatility.

 

Saudi Arabia, OPEC’s de facto leader, first flagged the possibility of cuts to correct the market in August.

 

 

 

Source: Voice of America

Author Since: Dec 08, 2021

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