The summit will take place on 5th of October against the background of plummeting oil prices and months of extreme market instability, which prompted Saudi Arabia, the group's largest producer, to declare the group should decrease output. Despite pressure from key users, like the United States, to support the global economy, OPEC+, which includes OPEC members and allies, has refused to increase supply to cut oil prices. Regardless, prices have fallen dramatically in the previous month because of concerns about the global economy and a surge in the US currency following the Federal Reserve's rate hike.

A large reduction in output is likely to enrage the US, which has been exerting pressure on Saudi Arabia to continue producing more to assist oil prices fall further and restrict earnings for Russia as the West looks to punish Moscow for sending soldiers to Ukraine. That would be the largest reduction since 2020, when OPEC+ lowered output by a record 10 million barrels per day as demand fell due to the COVID outbreak.

Movement of oil price in the last five years. (Source: Trading Economics)

Source:

https://tradingeconomics.com/commodity/crude-oil

https://www.investing.com/news/economy/opec-to-consider-oil-cut-of-over-than-1-million-bpd--sources-2903492

https://www.cnbc.com/2022/10/03/opec-to-consider-oil-cut-of-over-than-1-million-barrels-per-day.html#:~:text=OPEC%2B%20will%20consider%20an%20oil,to%20address%20oil%20market%20weakness.

https://www.reuters.com/business/energy/opec-consider-oil-output-cut-over-1-mln-bpd-sources-2022-10-02/