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.
Seven major oil-producing nations, including core OPEC+ members, have agreed to maintain their current oil production levels for November. This decision comes as the ongoing war in Iran continues to drive oil prices upward. Saudi Arabia has the highest production target among these seven nations, followed by Russia and Iraq.
- 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.
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