Oil: RBC is forecasting the October 5 OPEC+ meeting may slash output by up to 1 mn bbl/day

Newswires with the headline from an RBC note, the gist is:

• OPEC+ meet October 5, may cut oil output in the range of 500K to 1mn barrels/day

"We certainly see a significant chance that the producer group will opt for a substantial cut (500 kb/d to 1 mb/d) to try to signal that there is indeed an effective circuit breaker in the market."

This is certainly the murmuring at present, yeah:

• Russia will likely propose OPEC+ reduce output by 1 million bpd at the next meeting

The oil price seems to concur: