The oil and energy ministers of the member countries of the OPEC+ coalition gathered in Vienna today (Wednesday, October 5) while more than 2 years have passed since the last face-to-face meeting of the coalition at the OPEC secretariat, the last in-person meeting of OPEC+ was on March 3, 2020 which was the 9th meeting of the coalition.

The 33rd meeting will be one of the most sensitive meetings of this alliance in more than a year due to Russia's proposal to reduce the daily supply of at least one million barrels per day.

Also, today's meeting is being held while the price of all crude oil types has significantly decreased from the highest record this year ($130 in March) and the market is experiencing severe fluctuations.

Analysts expect OPEC+ producers to agree to cut production to support prices.

Will OPEC+ crude oil supply in November decrease by 500,000 barrels per day, 1 million barrels per day or more? We have to wait until the end of this meeting to get answers to these questions.