OPEC+ Sticks to Output Targets Amid Boost in Exports

OPEC+, a group of oil-producing countries, is likely to maintain its current output targets for November when it meets on Sunday. The seven core members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, are expected to keep their production levels steady. This decision comes as Gulf members continue to boost exports, despite still pumping below their target levels.

OPEC+ has been gradually increasing its output targets throughout the year but kept them unchanged for October. The group completed a phased rollback of a 1.65-million-barrel-per-day supply cut in September. In August, OPEC data showed that the seven core producers produced 25 million barrels per day, a 630,000 bpd increase from July.