The "OPEC+" alliance decided today, Sunday, to keep oil production targets unchanged for November, in a move that aligns with market expectations for the continuation of the current production policy.
The decision came during a virtual meeting that included Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, while production levels of the seven countries remain below their targeted quotas.
According to OPEC data, the production of the seven countries was approximately 25 million barrels per day in August, an increase of 630,000 barrels from July, but it remained about 5 million barrels per day lower than pre-war levels in February.
The alliance is scheduled to hold its next meeting on November 1, amid expectations of no new changes to production levels before 2027.