© Reuters. OPEC logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration
By Olesya Astakhova and Alex Lawler
MOSCOW/LONDON (Reuters) – OPEC+ is set to consider whether to make additional oil supply cuts when the group meets later this month, three OPEC+ sources told Reuters after prices dropped by almost 20 percent since late September.
Oil has slid to around $79 a barrel for from a 2023 high in September near $98. Concern about demand and a possible surplus next year has pressured prices, despite support from the OPEC+ cuts and conflict in the Middle East.
Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of 5.16 million barrels per day, or about 5% of daily global demand, in a series of steps that started in late 2022. The cuts include 3.66 million bpd by OPEC+ and additional voluntary cuts by Saudi Arabia and Russia.
One OPEC+ source, who declined to be named, said the existing curbs might be not enough and the group will likely analyse if more could be implemented when it meets. Two other OPEC+ sources said deeper cuts could be discussed.
“It is not pleasant to see that market volatility is…
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