OPEC sources told Reuters on Sunday that the OPEC+ bloc will discuss cuts in oil production by more than one million barrels per day at an October 5 meeting. That number is slightly higher than last week’s cut estimates, which range from 500,000 to one million bpd. Vienna will host the first meeting since March 2020 in the personal presence of the OPEC+ bloc, which includes member states of the Organization of the Petroleum Exporting Countries (OPEC) and allies outside the organization, including Russia. One source said the meeting is “taking place at a very important global time.” Consultations are underway to cut production amid market volatility and a decline in oil prices from March levels, which were the highest in several years. And Saudi Arabia, the largest producer in OPEC, had previously indicated in August that it could cut output to correct market conditions.
