OPEC+ discusses oil output cuts in excess of 1 million bpd, says source

LONDON – The OPEC+ group of oil producers is discussing potential output cuts of more than 1 million barrels per day (bpd), an OPEC source said, excluding any voluntary cuts by individual members.

The Organization of the Petroleum Exporting Countries (OPEC)and allies, known collectively as OPEC+, holds their first in-person meeting since 2020 in Vienna on Wednesday to set output policy.

“It may be as significant as the April 2020 meeting,” the source said, referring to when OPEC+ agreed record supply cuts as the COVID-19 pandemic hit demand.