OPEC+ maintains November oil production target at 31.1 million barrels per day

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, announced on Sunday that they would keep their oil production target unchanged for November. The group decided to maintain a total production target of 31.1 million barrels per day.

The decision was reached by key members including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. This move comes amid rising oil prices, with global benchmark Brent crude gaining 0.7% to $102.90 per barrel and the U.S. benchmark West Texas Intermediate rising 0.3% to $91.36 per barrel.

OPEC+ will hold its next meeting on November 1 to discuss further adjustments. The current decision reflects the group's strategy to stabilize oil markets amid fluctuating global demand and supply dynamics.