OPEC+ (comprising the Organization of the Petroleum Exporting Countries plus various affiliates including Russia) is likely to keep oil output quotas unchanged for October in the lead up to today’s meeting, sources have told Reuters.
But some sources have not ruled out a small production cut following proposals by top producer Saudi Arabia last month in order to prop up ongoing price declines.
The price of benchmark commodity Brent Crude is currently around US$93, a 22% decline from June highs of US$120.
Global oil supply may see a boost with the return of Iranian crude should a highly contentious nuclear deal be signed with the Islamic republic.
Iran could provide 1% of global supply if sanctions are eased, althought Russia has threatened to limit oil supplies to countries that support price caps on Russian energy exports.
US president Joe Biden has welcomed the fall in oil prices as his administration seeks to shore up goodwill among voters in the lead up to mid-term elections.