Opec+ to consider oil output cut of more than 1m bpd

The figure is slightly above estimates for a cut given last week, which ranged between 500,000bpd and one million bpd



The OPEC logo pictured ahead of an informal meeting between members of the Organisation of the Petroleum Exporting Countries (Opec) in Algiers, Algeria. — Reuters file photo
The OPEC logo pictured ahead of an informal meeting between members of the Organisation of the Petroleum Exporting Countries (Opec) in Algiers, Algeria. — Reuters file photo

By Reuters

Published: Sun 2 Oct 2022, 6:45 PM

Opec+ will consider an oil output cut of more than a million barrels per day (bpd) when it meets on October 5, Opec sources told Reuters on Sunday.

The figure is slightly above estimates for a cut given last week, which ranged between 500,000bpd and one million bpd.

Opec+, which combines Opec countries and allies such as Russia, is meeting in person in Vienna for the first time since March 2020.

"It is a meeting that is taking place at a very interesting global time," one of the sources said.

The output cuts are being considered on the back of a slide in oil prices from multi-year highs reached in March and market volatility.

Saudi Arabia, Opec’s de facto leader, first flagged the possibility of cuts to correct the market in August. — Reuters


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