OPEC+ Cartel Maintains Steady Oil Production Targets for November

The OPEC+ cartel has maintained its oil production targets steady for November, despite ongoing uncertainty in the Middle East. The seven core members of the OPEC oil cartel, including Saudi Arabia and Russia, made this decision at a meeting on Sunday.

This move comes after the Group of 7 nations agreed to release diesel reserves, causing oil prices to fall on Friday. However, Brent crude has surged past $100 a barrel since the Middle East conflict broke out in February, compared to its price of $73 before the conflict.

The OPEC+ cartel previously maintained production targets for October and had announced additional voluntary adjustments in April and November 2023. In August, they approved an increase in crude production quota by around 188,000 barrels per day from September, which restored earlier production cuts made in 2023.