OPEC+ has begun talks on output cut at Oct. 5 meeting – OPEC source

The logo of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna March 16, 2010.
DUBAI, Sept 29 (Reuters) – Leading OPEC+ members have begun discussions about an oil output cut at the group’s next meeting on Oct. 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.

Next week’s meeting takes place against a backdrop of falling oil prices from multi-year highs hit in March, and severe market volatility.

OPEC+, which combines OPEC countries and allies such as Russia, agreed a small oil output cut of 100,000 barrels a day at its September meeting to bolster prices.

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Top OPEC producer Saudi Arabia flagged in August the possibility of output cuts to address market volatility.

Source: Reuters.com