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OPEC+ begins talks on output cut at October 5 meetingNext week's meeting takes place against a backdrop of falling oil prices from multi-year highs hit in March
Reuters
Last Updated IST
A source familiar with Russian thinking told Reuters earlier this week that Moscow could suggest a cut of up to 1 million barrels per day (bpd). Credit: Reuters Photo
A source familiar with Russian thinking told Reuters earlier this week that Moscow could suggest a cut of up to 1 million barrels per day (bpd). Credit: Reuters Photo

Leading OPEC+ members have begun discussions about an oil output cut at the group's next meeting on October 5, three sources told Reuters.

One OPEC source told Reuters a cut was "likely", while two other OPEC+ sources said key members had spoken about the topic.

A source familiar with Russian thinking told Reuters earlier this week that Moscow could suggest a cut of up to 1 million barrels per day (bpd).

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The latest comments suggest that key OPEC members have started communicating over the matter, although the volume of any potential cut is still unclear.

Next week's meeting takes place against a backdrop of falling oil prices from multi-year highs hit in March, and severe market volatility.

OPEC+, which combines OPEC countries and allies such as Russia, agreed a small oil output cut of 100,000 barrels a day at its September meeting to bolster prices.

Top OPEC producer Saudi Arabia flagged in August the possibility of output cuts to address market volatility.

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(Published 29 September 2022, 15:26 IST)