OPEC+ plans to cut oil production by more than a million bpd – sources – Reuters

DUBAI, Oct 2 (Reuters) – OPEC+ will consider an oil production cut of more than 1 million barrels per day (bpd) at its October 5 meeting, sources in the U.S. told Reuters on Sunday. OPEC.

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

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

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

The production cuts are being considered due to a decline in oil prices from multi-year highs reached in March and market volatility.

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

Reporting by Maha El Dahan and Olesya Astakhova; Editing by Gareth Jones and Jan Harvey

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