OPEC+ Countries Agree to Maintain Steady Oil Production in November

The seven OPEC+ nations involved in additional voluntary oil production adjustments, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have decided to maintain their current oil output levels through November. This decision was finalized during an Oct. 4 virtual meeting where global oil market conditions and future outlooks were discussed. The agreement means these countries will keep their September production levels unchanged for a second consecutive month.

Under the September agreement, each country had specific production quotas. Kazakhstan was allocated 1.628 million barrels per day (bpd), Russia 9.949 million bpd, Saudi Arabia 10.478 million bpd, Iraq 4.431 million bpd, Kuwait 2.676 million bpd, Algeria 1.007 million bpd, and Oman 841,000 bpd. Reuters reported that these seven core OPEC+ members collectively produced 25 million bpd in August, an increase of 630,000 bpd from July.

The next OPEC+ meeting is scheduled for Nov. 1, where further adjustments or decisions may be discussed.