🔻Reuters: OPEC+ is likely to keep November production unchanged

🔻Reuters: OPEC+ is likely to keep November production unchanged

Two sources familiar with the matter told Reuters that OPEC+ oil-producing countries will likely keep November production unchanged at their meeting on Sunday. These sources said no final decision has been made yet.

The online meeting of OPEC+’s seven main members—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman—will be held at a time when Gulf countries have increased their oil exports after months of disruption caused by the war, although most of them still produce less than their set production quotas.

Based on OPEC data, these seven countries produced 25 million barrels of oil per day in August; about 630,000 more barrels than the previous month, but still close to five million barrels less than before the start of the war.

OPEC+ raised its production targets in most months this year but kept them unchanged for October.

The group still has about a two million barrels per day production cut in place, which is set to continue until the end of 2026.