OPEC+ keeps November oil output targets unchanged
Seven core OPEC+ members, including Saudi Arabia and Russia, left their November oil output targets unchanged on Sunday. Their August output was about 25 million barrels a day, roughly 5 million below pre-war levels, and Brent crude is above 100 dollars a barrel. The group meets again on November 1.
Seven core OPEC+ members, including Saudi Arabia and Russia, left their November oil output targets unchanged on Sunday, extending a pause that began in October. Their August output was about 25 million barrels a day, roughly 5 million below pre-war levels in February. Most members are pumping well below their quotas because of disruption from the Middle East war that began in late February, and Brent crude is above 100 dollars a barrel. About 2 million barrels a day of earlier cuts remain in place. A review of members' production capacity, used to set 2027 quotas, has been delayed. The group meets again on November 1.