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On October 5th, an in-person meeting of OPEC+ is scheduled to take place in Vienna

WorldOn October 5th, an in-person meeting of OPEC+ is scheduled to take place in Vienna

An OPEC source informed Reuters on Saturday that the meeting between OPEC and its allies will take place in person in Vienna on October 5th.

Due to the short notice, a virtual alternative will also be available for certain delegations in the event that they are unable to attend in person.

The conference of OPEC+, which includes nations that are members of OPEC as well as allies like as Russia, is taking place against the background of plummeting prices from multi-year highs reached in March and extreme market volatility.

According to sources who spoke with Reuters, discussions over a possible drop in oil production are centering on a decrease of 500,000 to 1 million barrels per day in order to sustain the market.

A source familiar with Russian thinking said earlier this week that Moscow might offer a reduction of up to 1 million bpd, while an OPEC source placed the probable level closer to 500,000 bpd. Both of these sources were speaking earlier this week. A continuation of the talks is anticipated in advance of the summit.

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