OPEC+ not currently considering output cut: Report

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.