OPEC+ set to keep output targets steady

LONDON:

OPEC+ oil-producing countries are likely to keep their oil production targets steady for November when they meet on Sunday, two sources with knowledge of the matter said.

The online meeting of seven core OPEC+ members – Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman – comes as Gulf members are boosting exports that have been disrupted for months by the US-Iran war, although most are still pumping well below their output targets. OPEC+ comprises the Organisation of the Petroleum Exporting Countries and allies including Russia. The group has been raising its output targets for most of the year but kept them steady for October.

In September, it completed the phased rollback of a 1.65-million-barrel-per-day supply cut first agreed in 2023.

OPEC data showed the seven core OPEC+ producers produced 25 million barrels per day in August, up 630,000 bpd from July.