OPEC+ has begun talks on output cut at Oct. 5 meeting

Leading OPEC+ members have begun discussions about an oil output cut at the group's next meeting on Oct. 5, Qazet.az reports citing Reuters.

One OPEC source told Reuters a cut was "likely," while two other OPEC+ sources said key members had spoken about the topic.

The latest comments suggest that key OPEC members have started communicating over the matter, although the volume of any potential cut is still unclear.

Next week's meeting takes place against a backdrop of falling oil prices from multi-year highs hit in March and severe market volatility.

OPEC+, which combines OPEC countries and allies such as Russia, agreed on a small oil output cut of 100,000 barrels a day at its September meeting to bolster prices.