OPEC+ maintains oil output targets for November

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, announced on Sunday that they will maintain their oil output quotas for November at the same levels set in October. This decision marks the second consecutive month that the group has chosen to keep production targets unchanged.

Representatives from seven key OPEC+ countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, met virtually to assess global market conditions and future outlook. They reaffirmed their commitment to the existing production arrangements under the OPEC+ cooperation framework and agreed to hold monthly meetings to review output policies based on international oil market conditions.

The next meeting is scheduled for November 1. The OPEC+ alliance includes both OPEC member states and non-OPEC oil-producing countries like Russia. The group had previously decided in March 2022 to gradually increase oil output starting from April of that year, a policy that continued until December. This year, the output increases were paused for the first three months due to seasonal factors before resuming in April.