MOSCOW, October 5. /TASS/. Saudi Arabia, Russia and other oil-producing nations are ready to announce significant oil cuts during Wednesday’s OPEC+ meeting in Vienna, the Financial Times reported, citing sources.

According to the paper, Saudi Arabia is seeking to raise oil prices "in a move set to anger the US and aid Russia."

The size of the oil output cut has yet to be agreed upon, but Riyadh and Moscow are allegedly "pushing for reductions of 1-2 million barrels a day or more," the FT writes. These could be "phased in over several months," and reductions would probably trigger a US response, the newspaper added.

A source told the FT that the concern among OPEC member countries plus other producers was that the oil price cap currently being mulled against Russia "could later become a precedent for wider use against other producers."

Wednesday’s meeting of the oil cartel and its allies was convened to consider a further output plan. Delegates will hold an in-person meeting, their first since March 2020, at OPEC’s headquarters in Vienna.