OPEC+ Keeps Oil Production Steady Amid Middle East Conflict

OPEC+ countries have agreed to keep required crude oil production steady for November, despite the ongoing Middle East conflict that is tightening supply. The seven participating nations - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - held a video conference meeting on Sunday and reaffirmed their commitment to achieving full conformity with the Declaration of Cooperation.

The group's required production levels for November are: 10.478 million barrels per day (bpd) for Saudi Arabia, 9.949 million bpd for Russia, 4.431 million bpd for Iraq, 2.676 million bpd for Kuwait, 1.628 million bpd for Kazakhstan, 1.007 million bpd for Algeria, and 841,000 bpd for Oman.

The Joint Ministerial Monitoring Committee (JMMC), which oversees compliance, noted overall conformity for July and August but expressed concern over attacks on energy infrastructure, saying it is both costly and time-consuming to restore damaged assets.