OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) when it meets on Oct. 5, OPEC sources told Reuters on Sunday.
The figure is slightly above estimates for a cut given last week, which ranged between 500,000 bpd and 1 million bpd.
OPEC+, which combines OPEC countries and allies such as Russia, is meeting in person in Vienna for the first time since March 2020.
“It is a meeting that is taking place at a very interesting global time,” one of the sources said.
The output cuts are being considered on the back of a slide in oil prices from multi-year highs reached in March and market volatility.
Saudi Arabia, OPEC’s de facto leader, first flagged the possibility of cuts to correct the market in August. (Reporting by Maha El Dahan and Olesya Astakhova; Editing by Gareth Jones and Jan Harvey)