OPEC + to hold a meeting in Vienna, this October 5‎

A source in the Organization of the Petroleum Exporting Countries (OPEC) told Reuters on Saturday, October 1, that the OPEC + group will hold a meeting on October 5 in Vienna with personal attendance.

The option to participate online will be available to some delegations who may not be able to travel to attend the meeting due to the short time available.

OPEC +, which includes OPEC and independent oil producers, including Russia, is meeting against the backdrop of a decline in oil prices after reaching a multi-year high in March and sharp market fluctuations.

Sources told Reuters that talks on reducing oil production focus on a possible increase in production cuts from 500,000 barrels per day to one million barrels per day to support the market.

Reuters previously reported that Russia is likely to ask the OPEC + group to cut oil production by about one million barrels per day during the meeting. While an OPEC source stated that the size of the likely reduction is close to 500,000 barrels per day

Talks are expected to continue ahead of the meeting.

The meeting comes after a Reuters survey showed that OPEC oil production rose this month to its highest level since 2020.

According to the data, the group’s production exceeded the increase pledged during the month, as a result of the recovery of production in Libya and the strengthening of production by Gulf members under an agreement with allies in OPEC +.

According to the survey, OPEC production rose by about 210 thousand barrels on a monthly basis to 29.81 million barrels of oil per day, the highest level since April 2020.

According to the statement, Saudi Arabia, Nigeria and Libya supported the increase in oil production this month.