OPEC+ to Maintain Current Oil Production Levels in November
The seven core OPEC+ members pumped 25 million barrels per day in August, roughly 5 million barrels per day below prewar levels in February.
TL;DR
- Seven major oil-producing countries will keep production unchanged in November.
- Core OPEC+ members involved: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman.
- Production levels will remain at September's required levels throughout November.
- The ongoing war in Iran is contributing to rising oil prices.
- Saudi Arabia has the highest production target at 10.478 million barrels per day.
- Russia follows with a target of 9.949 million barrels per day.
- Iraq's target is 4.431 million barrels per day.