The OPEC+ oil cartel will meet in Vienna at the ministerial level on Oct. 5 to discuss future output strategy, according to a statement issued by the organization on Saturday.
It's the first in-person meeting at the ministerial level for OPEC+ since March 2020 when COVID-19 restrictions moved the meeting online.
Investors are awaiting the decision at next week's OPEC+ meeting, as oil prices have recently tumbled over fears of an economic slowdown and demand contraction. Both the West Texas Intermediate (WTI) and the Brent crude have dropped from peaks of over 120 U.S. dollars a barrel in June to about 80 U.S. dollars a barrel.
OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies, slashed oil production massively in 2020 when the COVID-19 pandemic hammered demand. The group began to unwind the output cuts in July 2021 as the market improved.
At its last ministerial meeting held virtually in early September, OPEC+ announced a small production cut of 100,000 barrels per day for October, its first output cut in over a year, to bolster the sliding crude prices.