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OPEC+ meets on Monday to set policy Iran nuclear deal could boost oil supply Russia’s natural gas supplies to Europe are further reduced Brent crude falls to $95 from $120 in June

LONDON, Sept 4 (Reuters) – OPEC+ is likely to keep October oil production quotas unchanged at its meeting on Monday, six OPEC+ sources said, although some sources would not rule out a small output cut to boost of prices that have fallen due to fears of an economic slowdown. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known collectively as OPEC+, are expected to override existing policies, six OPEC+ sources said on Sunday and Monday. But three of the sources said the group of producers could also discuss a modest cut of 100,000 barrels per day (bpd). Sign up now for FREE unlimited access to Reuters.comSign up Monday’s OPEC+ meeting comes against a complicated backdrop, including a possible supply boost from Iranian crude returning to the market if Tehran succeeds in reviving its 2015 nuclear deal with world powers. Russia, meanwhile, has said it will stop supplying oil to countries that support the idea of ​​capping the price of Russian energy supplies because of its military conflict in Ukraine. Its natural gas deliveries to Europe, meanwhile, have been cut further, which is likely to trigger more price spikes. read more Brent crude has fallen to around $95 a barrel from $120 in June on fears of an economic slowdown and recession in the West. Iran is expected to add 1 million barrels a day to supply, or 1 percent of global demand, if sanctions are eased, although prospects for a nuclear deal appeared less clear on Friday. read more Last month, OPEC’s top producer, Saudi Arabia, signaled the possibility of output cuts to counter what it sees as an excessive drop in the price of oil. read more Signals from the physical market, however, suggest that supply remains tight and many OPEC nations are producing below targets, while fresh Western sanctions threaten Russian exports. Sign up now for FREE unlimited access to Reuters.comSign up Additional reporting by Rowena Edwards and Olesya Astakhova Writing by Dmitry Zhdannikov Editing by David Goodman Our Standards: The Thomson Reuters Trust Principles.