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