The Globe and Mail reports in its Monday edition that OPEC+ will consider an oil output cut of more than a million barrels a day next week, OPEC sources said on Sunday. A Reuters dispatch to The Globe reports that the meeting will take place on Oct. 5 against the backdrop of falling oil prices and months of severe market volatility which prompted Saudi Arabia to say the group could cut production. OPEC+ has refused to raise output to lower oil prices despite pressure from major consumers. Prices have nevertheless fallen sharply in the last month owing to fears about the global economy and a rally in the U.S. dollar after the Federal Reserve raised rates. A significant production cut is poised to anger the U.S., which has been putting pressure on Saudi Arabia to continue pumping more to help oil prices soften further and reduce revenues for Russia as the West seeks to punish Moscow for its unprovoked invasion of Ukraine. Last week Reuters cited an unnamed source that said Moscow would like to see OPEC+ cutting one million bpd or 1 per cent of global supply. That would be the biggest cut since 2020, when OPEC+ reduced output by a record 10 million bpd as demand crashed owing to the COVID-19 pandemic.