Market: OPEC+ eyes production cut of over 1 million bpd, sources say

Market: OPEC+ eyes production cut of over 1 million bpd, sources say

DUBAI (Reuters) – Representatives of OPEC+ member countries will discuss a production cut of more than one million barrels per day (bpd) at their meeting on October 5, we learned on Sunday. from several sources within OPEC.

The decrease mentioned is slightly higher than the estimates mentioned in recent days, which ranged from 500,000 to one million bpd.

OPEC+, which brings together members of the Organization of the Petroleum Exporting Countries and several of their allies including Russia, is meeting in Vienna on Wednesday, its first “physical” meeting since March 2020.

“This is a meeting that is taking place at a very interesting time from a global perspective,” one of the sources said.

The reduction in cartel production would aim to support prices, which have fallen in recent months on fears of a slowdown in demand.

Saudi Arabia, the de facto leader of OPEC because of its status as the world’s largest exporter, mentioned in August the possibility of reducing pumping to raise the price of a barrel.

The price of Brent has lost more than 30% since its peak last March, shortly after the invasion of Ukraine by the Russian army.

(Report Maha El Dahan and Olesya Astakhova, French version Marc Angrand)

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