© Archyde.com. The OPEC logo on its headquarters in Vienna in a photo from the Archyde.com archive.
DUBAI (Archyde.com) – OPEC+ sources told Archyde.com on Sunday that the OPEC+ bloc would discuss reducing oil production by more than 1 million barrels per day when it meets on Oct. 5.
This number is slightly higher than the cut estimates that were presented last week, which ranged between 500,000 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 outside the organization, including Russia.
One source stated that the meeting “is taking place at a very important global time.”
Consultations are underway to cut production amid market volatility 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.
(Reporting by Suha Gado and Marwa Ghareeb for the Arabic Bulletin – Editing by Suha Jado)