OPEC+ to meet in Vienna on October 5 for the first time since 2020

The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in 2020, the organisation said Saturday.

Wednesday's face-to-face meeting of the 13 OPEC members led by Saudi Arabia and its 10 allied members headed by Russia will be the first in the Austrian capital since the spring of 2020.

The gathering will take place as speculation grows of major output cuts in the face of recession fears affecting demand for crude.

Oil prices soared to almost $140 a barrel in March after Russia invaded Ukraine, but have since fallen to around $80 per barrel amid recession fears.

OPEC+ would meet physically twice a year in Vienna, but after the coronavirus pandemic, the cartel met every month by video link.

It had agreed to huge cuts in output in 2020 when the pandemic sent oil prices crashing, but began to increase production last year as the market improved.