OPEC+ is preparing to substantially reduce production levels, and is expected to announce at its October 5 meeting a cut of between 500,000 and 1 million barrels per day to support prices, according to cartel sources quoted by Reuters.

Earlier in the week, a source said that Moscow might suggest a reduction in production of up to one million barrels per day, while another source close to OPEC indicated a figure close to 500,000 barrels. Negotiations are still ongoing until the meeting.

"Maybe over the weekend and Monday it will become clearer. Normally, consultations conclude only before the day of the meeting," stressed an OPEC+ source, quoted by the agency and the Eco portal.

OPEC+, which comprises major oil exporters and allies such as Russia, had already decided to lower production by 100,000 barrels per day at its September meeting, in the first cut since 2020.

Oil prices have been falling in recent weeks, after multi-year highs in March, as investors fear the impact of a sharp economic slowdown on demand.

A barrel of Brent, the benchmark for domestic imports, closed at $87.96 on Friday.