Reuters: OPEC+ discusses reducing oil production by more than 1m bpd

An OPEC source said that the OPEC + group of oil producers is looking at possible production cuts of more than one million barrels per day, excluding any voluntary cuts by any member country alone.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are holding their first in-person meeting since 2020 in Vienna on Wednesday to determine production policy.

“The meeting may be as important as the April 2020 meeting,” the source said, referring to the meeting in which OPEC + agreed on record supply cuts with the impact of the Covid-19 pandemic on demand.