The OPEC+ group of oil producers is discussing potential output cuts of more than 1 million barrels per day (bpd), an OPEC source said, excluding any voluntary cuts by individual members.

"It may be as significant as the April 2020 meeting," the source said, referring to when OPEC+ agreed record supply cuts as the COVID-19 pandemic hit demand.

As a reminder, we heard this morning that we could see chatter of cuts north of 1.5 million bpd - So this is inline with that