Market: OPEC+ sees output cut of more than 1 million bpd, sources say

DUBAI (Reuters) – Representatives of OPEC+ member countries will discuss a production cut of more than one million barrels per day (bpd) at their meeting on Oct. 5, multiple OPEC sources learned on Sunday.

The said drop is slightly higher than the estimates mentioned in recent days, which ranged from 500,000 to one million bpd.

OPEC+, which brings together members of the Organization of the Petroleum Exporting Countries and several of their allies, including Russia, will meet in Vienna on Wednesday, its first “physical” meeting since March 2020.

“This is a meeting that takes place at a very interesting time from a global perspective,” said one of the sources.

The reduction in cartel production would be aimed at supporting prices, which have fallen in recent months amid fears of a slowdown in demand.

Saudi Arabia, the de facto leader of OPEC due to its status as the world’s biggest exporter, in August raised the possibility of reducing pumping to raise the price of a barrel.

The price of Brent has lost more than 30% since its peak last March, shortly after the Russian army’s invasion of Ukraine.

(Reporting by Maha El Dahan and Olesya Astakhova, French version Marc Angrand)

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