Seven OPEC+ Nations Maintain Oil Production Levels Through November
OPEC+ members agreed to keep oil production steady through November following a virtual meeting to review market conditions and supply levels.
Seven OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed during a virtual meeting on October 4 to maintain current oil production levels through November. This decision extends a previous agreement from September 4 to keep production steady for a second consecutive month.
OPEC+ maintains a total group quota of 31.01 million barrels per day, though actual production in August was significantly lower at 25 million barrels per day. This production gap remains despite reports that oil export flows through the Strait of Hormuz have returned to or exceeded pre-war levels following conflict between the United States, Israel, and Iran.
The group will meet again on November 1 to review market conditions. Individual quotas for October include 10.478 million barrels per day for Saudi Arabia, 9.949 million for Russia, and 4.431 million for Iraq.
