OPEC+ Set to Hold November Oil Production Targets Steady

OPEC+ members are leaning towards keeping their targeted oil production quotas unchanged for November. The alliance is set to hold a virtual meeting on October 4, according to Bloomberg.

The move comes after member countries completed their plan to unwind a separate package of supply cuts introduced in 2023. They intend to maintain another tranche of voluntary production cuts agreed in 2022 through at least the end of the year.

Oil flows from the Middle East, which were largely disrupted by the US-Iran war, have recently shown signs of recovery. However, substantial volumes of regional production remain offline.