OPEC+ Set to Hold Oil Production Targets Steady for November

OPEC+ members are set to maintain their current oil production targets for November, according to Bloomberg. A virtual meeting of the alliance is scheduled for October 4.

Delegates from OPEC+ said that member countries intend to keep in place another tranche of voluntary production cuts agreed upon in 2022 until the end of the year.

This decision comes after member countries completed their plan to unwind a separate package of supply cuts introduced in 2023. The move may be influenced by the recent recovery of oil flows from the Middle East, which were largely disrupted by the US-Iran conflict.