Reuters: OPEC + countries considers oil production cut by more ‎than one million bpd per day

OPEC sources said today, Sunday, that the OPEC+ bloc will discuss reducing oil production by more than one million barrels per day when it meets on the fifth of October.

According to “Reuters”, this figure is slightly higher than the cut estimates that were put forward last week, which ranged between 500,000 barrels and one million barrels per day.

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 Petroleum Exporting Countries (OPEC) and allies from outside the organization, including Russia.

One of the sources stated that the meeting “is taking place at a very important global time.”

Consultations are underway to reduce production amid market fluctuations and a decline in oil prices from the levels recorded in March, which were the highest in several years.

And Saudi Arabia, the largest producer in OPEC, previously indicated in August the possibility of reducing production to correct market conditions.