OPEC+ Agrees to Maintain Oil Production Targets Amid Conflict

OPEC+ member countries have reportedly agreed to maintain their oil production targets for November at current levels, according to sources familiar with the matter.

The seven countries involved in the agreement include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. They held a video conference on October 4 to discuss production volume targets for the upcoming month.

Reuters and Bloomberg reported that OPEC+ has agreed in principle to keep its November oil production targets unchanged. This decision comes after years of production cuts, during which OPEC+ raised its output targets for most of this year.

However, due to the conflict in the Middle East, most of the increased quotas have not translated into actual production, resulting in essentially paper increases. Gulf OPEC+ producers are pumping oil at levels significantly below their production targets as export disruptions continue amid the war between the United States, Israel, and Iran.