Opec and allies to cut oil output in October; gas prices jump after Russia pipeline closure – as it happened

Oil cartel agrees 100,000 barrels/day cut to production; wholesale gas prices jump after Russia keeps a key pipeline to Europe closed.

• Full story: Gas prices soar and pound and euro fall as Russia shuts Nord Stream pipeline

The oil price is rising this morning, on suggestions that the Opec+ group of producers could decide to cut production today.

Opec and its allies hold a regular monthly meeting from around noon, and sources suggest that they will discuss reducing oil production by 100,000 barrels per day in October.