OPEC+ Maintains Steady Oil Production Amid Ongoing Conflict
The OPEC+ cartel has decided to keep oil production steady in November, maintaining the status quo for the month amid ongoing uncertainty due to the Middle East conflict.
The decision was made by the seven core members of the OPEC oil cartel, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, at a meeting held on Sunday.
The move comes after global benchmark Brent crude prices soared past $100 per barrel mark compared to $73 before the conflict broke out in February. The decision also follows last month's status quo on oil production for October.
Russia is currently facing pressure on its oil industry due to repeated Ukrainian drone attacks, with production at around 9 million barrels per day below its OPEC+ target of about 9.8 million barrels per day.