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OPEC+ is not currently discussing a possible oil output cut although previous reports referred to a possible reduction in the next period, Russia’s TASS news agency reported, citing a source in the organization.
The idea of supply cut has not been discussed, the source said, noting that it is too early to talk about this issue.
Oil prices fell more than 5% today, Aug. 30, after the Russian agency’s report on not discussing crude output cut, which raised concerns about oversupply.
Earlier this month, Reuters reported that OPEC+ is ready to cut crude output if oversupply begins to rise in case Iran reaches a nuclear agreement with the Western countries.
OPEC+ is scheduled to hold its next meeting to discuss oil production policy on Sept. 5.
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