OPEC+ to weigh rollover or cut at Sept. 5 meeting, sources say

OPEC+ to weigh rollover or cut at Sept. 5 meeting, sources say

LONDON - OPEC+ is likely to keep oil output quotas unchanged for October at a meeting on Monday, three OPEC+ sources said, although some sources would not rule out a production cut to bolster prices that have slid from sky-high levels hit earlier this year.

The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meets as demand faces headwinds and supply could be boosted by returning Iranian crude if Tehran secures a deal with world powers on its nuclear work.

Brent crude has dropped to about $95 a barrel from $120 in June on fears of an economic slowdown and recession in the West. Iran is expected to add 1 million barrels per day to supply or 1% of global demand if sanctions are eased.

Last month, top OPEC producer Saudi Arabia flagged the possibility of output cuts to balance the market.

"This is a reminder to the market that OPEC is still here and a cut is not ruled out," an OPEC+ source said of comments on Aug. 22 by Saudi Energy Minister Prince Abdulaziz bin Salman.

Signals from the physical market suggest supply remains tight, with many OPEC states producing below targets and fresh Western sanctions threatening Russian