LONDON - Opec+ will likely keep oil output quotas unchanged for October, six sources said, though some did not rule out a small production cut to bolster prices that have slid on fears of an economic slowdown.

The Organisation of the Petroleum Exporting Countries (Opec) and its allies, including Russia, known collectively as Opec+, are expected to roll over existing policies, six sources said Sunday and Monday.

But three of the sources said the producer group could also discuss a small cut of 100,000 barrels per day.

Monday's Opec+ meeting is set against a complex backdrop that includes a potential supply boost from Iranian crude returning to the market if Teheran is able to revive its 2015 nuclear deal with the West.

Russia, meanwhile, has said it will stop supplying oil to countries that support the idea of capping the price of Russian energy supplies over its military conflict in Ukraine. Its gas deliveries in Europe, meanwhile, have been cut further, which is likely to spark more price spikes.

Brent crude oil has dropped to about US$95 (S$133.60) a barrel from US$120 in June on fears of an economic slowdown and recession in the West.

Iran is expected to add one million barrels per day to supply, or 1 per cent of global demand, if sanctions are eased, though the prospects for a nuclear deal looked less clear Friday.

In August, top Opec producer Saudi Arabia flagged the possibility of output cuts to address what it sees as exaggerated oil price declines.

Signals from the physical market, however, suggest that supply remains tight and many Opec states are producing below targets while fresh Western sanctions are threatening Russian exports. REUTERS