OPEC to consider cutting oil by more than 1 million barrels per day Saudi cuts can include voluntary cuts The biggest reduction since the pandemic Oil drops due to high Fed rates and weak economy DUBAI (Reuters) – OPEC will consider cutting oil production by more than 1 million barrels per day next week, OPEC sources said on Sunday, in what would be the biggest move so far since the spread of the COVID-19 pandemic. Addressing the weakness of the oil market. The meeting will take place on the fifth of October against the backdrop of falling oil prices and months of severe market volatility, which prompted Saudi Arabia, the largest producer in OPEC , to say that the organization may reduce production. OPEC , which includes OPEC countries and allies such as Russia, has refused to increase production to lower oil prices despite pressure from major consumers, including the United States, to help the global economy. Register now to get free unlimited access to Reuters.com Register However, prices fell sharply in the last month due to concerns about the global economy and the strengthening of the US dollar after the Federal Reserve raised interest rates.