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DUBAI: OPEC+ will hold its meeting on Oct. 5 in person in Vienna, an OPEC source told Reuters on Saturday. A virtual option will also be available for some delegations due to the short notice if they are unable to.

OPEC+, which combines OPEC countries with allies such as Russia, is meeting against a backdrop of falling prices from multi-year highs hit in March and severe market volatility.

Sources have told Reuters talks on an oil output cut are focussing on a potential reduction of 500,000 barrels per day to 1 million bpd to support the market.

US oil may fall to $79.11

Earlier this week, a source familiar with Russian thinking said Moscow could suggest a cut of up to 1 million bpd, while an OPEC source put the likely figure closer to 500,000 bpd.

Talks are expected to continue ahead of the meeting.

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