OPEC+ begins talks on output cut at October 5 meeting

Leading OPEC+ members have begun discussions about an oil output cut at the group’s next meeting on October 5, three sources told Reuters.

One OPEC source told Reuters a cut was “likely”, while two other OPEC+ sources said key members had spoken about the topic.

A source familiar with Russian thinking told Reuters earlier this week that Moscow could suggest a cut of up to 1 million barrels per day (bpd).

The latest comments suggest that key OPEC members have started communicating over the matter, although the volume of any potential cut is still unclear.