Reuters report, citing a source.
WTI crude oil is trading up about $1 on the day to $87.40.
The talk beforehand was 1-2mbpd and that's been rising in the last week but by the looks of it, 2mbpd was mostly priced in.
This will take a significant amount of oil out of the market. If it's based on quotas, it should cut about 1.2mbpd in actual production as a number of countries are producing materially below quota.
There's also talk of voluntary additional Saudi cut but that would be a surprise.
Another report suggests a larger cooperation agreement.
Update: Another report says the cut will take place from November (not be phased in).
Here's the full statement:
