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OPEC Considers Production Cut Between 0.5 and 1mbpd: Reuters

OIL

OPEC+ is considering a cut of between 500kbpd and 1mbpd to support the market according to Reuters sources. Crude is falling back negative on the day with the market expecting a reaction from OPEC to the falling market.

    • Brent DEC 22 down -0.2% at 87$/bbl
    • WTI NOV 22 down -0.1% at 81.16$/bbl
  • Discussions are likely to continue ahead of the group meeting on Oct. 5 with previous reports that Russia could suggest a 1mbpd cut.
  • “Maybe during the weekend or Monday it will be more clear. Usually, the consultations conclude just before the meeting date,” an OPEC+ source said.
  • After the previous OPEC meeting Saudi Arabia said the group would remain pre-emptive and proactive in stabilising the oil market. At the time of the last meeting, when the group cut production for October by 100kbpd, Brent was trading just over 95$/bbl.
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