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OPEC+ to consider oil cut of over than 1 million barrels per day - Reuters

OPEC+ to consider oil cut of over than 1 million barrels per day - Reuters

OPEC+ to consider oil cut of over than 1 million barrels per day - Reuters
Oct 02, 2022 51 secs

DUBAI, Oct 2 (Reuters) - OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) next week, OPEC sources said on Sunday, in what would be the biggest move yet since the COVID-19 pandemic to address oil market weakness.

5 against the backdrop of falling oil prices and months of severe market volatility which prompted top OPEC+ producer, Saudi Arabia, to say the group could cut production.

A significant production cut is poised to anger the United States, which has been putting pressure on Saudi Arabia to continue pumping more to help oil prices soften further and reduce revenues for Russia as the West seeks to punish Moscow for sending troops to Ukraine.

Last week, a source familiar with the Russian thinking said Moscow would like to see OPEC+ cutting 1 million bpd or one percent of global supply.

On Sunday, the sources said the cut could exceed 1 million bpd.

One of the sources suggested cuts could also include a voluntary additional reduction of production by Saudi Arabia.

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