OPEC+ Keeps Oil Production Levels Unchanged Amid Global Market Uncertainty
OPEC+ member countries have agreed to maintain their oil production levels for October at the same level as in September. The decision was made during a virtual meeting on September 6, where seven OPEC+ countries reviewed global market conditions and outlook.
The participating countries include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. Their combined quota for October will be 31.01 million barrels per day, excluding compensation volumes. Russia's production level has been set at 9,949 million barrels per day, while Saudi Arabia's will be 10,478 million barrels per day.
The OPEC+ countries reiterated their commitment to ensuring market stability and compliance with the group's production agreement. They will continue to meet monthly to review market conditions and production levels. The next meeting is scheduled for October 4.