OPEC+ may cut oil production in November, Reuters says

MOSCOW, 29 Sep — PRIME. OPEC+ members have begun discussing additional oil production cuts for November, which could be announced on October 5, Reuters reported, citing sources.

“Leading members of OPEC+ have begun discussions on oil production cuts that could be announced at the alliance’s October 5 meeting,” the agency said.

One of the sources added that the reduction is “likely”.

The agency previously reported, citing sources, that a Russian delegation would likely propose to OPEC+ to cut oil production by about 1 million barrels per day at its next meeting in October.

The OPEC+ alliance, which had earlier switched to a gradual increase in total oil production, decided to reduce it again by 100,000 barrels per day, returning in October to the August terms of the agreement. At a meeting in October, the terms of the restrictions for November will be discussed.