DUBAI, Oct 2 — Opec+ will consider an oil output cut of more than a million barrels per day (bpd) when it meets on October 5, Opec sources told Reuters today.

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. — Reuters