OPEC nations reaffirm oil output targets amid U.S.-Iran tensions

Seven OPEC member nations have pledged to uphold their current oil production levels despite ongoing geopolitical tensions that are affecting global supply and prices. The commitment was reaffirmed during a virtual meeting held on Sunday, with the countries emphasizing their adherence to the Declaration of Cooperation. Saudi Arabia, which recently experienced a missile attack on its oil pipeline from Iraq, remains dedicated to its production target of over 10 million barrels per day, the highest among the participating nations.

Other key producers also confirmed their output levels, including Russia at 9.949 million barrels per day, Iraq at 4.431 million barrels, Kazakhstan at 1.6 million barrels, Algeria at 1 million barrels, and Oman at 841,000 barrels. The group plans to convene again on November 1 to assess market conditions, factoring in the conflicts between Russia and Ukraine, as well as the U.S. and Iran.