OPEC+ to Maintain Oil Production Targets in November

OPEC+ countries are set to maintain their oil production targets for November at an upcoming meeting.

According to two sources familiar with the matter, the seven core OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, will keep output steady. This decision comes as Gulf members increase exports after months of disruptions caused by the US-Iran war.

The group has been gradually raising its output targets throughout the year but kept them unchanged for October. In September, OPEC+ completed a phased rollback of a 1.65-million-barrel-per-day supply cut agreed upon in 2023.