OPEC+ agree to keep oil output level unchanged for November

RIYADH — The Organization of the Petroleum Exporting Countries and its allies (OPEC+), agreed to keep their oil output level unchanged for the second consecutive month in November, OPEC said in a statement on Sunday. The decision was made after a virtual meeting of OPEC+ member countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, to review global market conditions and the economic outlook.”The seven participating countries decided to maintain September 2026 required production for November 2026,” the statement noted. In September, the OPEC+ countries decided to maintain the production levels for October 2026 that were set for September 2026. In August, the seven countries had agreed to increase oil production by 188,000 barrels per day (bpd) for September. The OPEC+ countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation. The seven OPEC+ countries had been raising oil output on a monthly basis from April to September this year. In October, the seven countries paused their oil output increases. Gulf OPEC+ producers have been pumping well below output targets in the face of continuing export disruptions from the US-Iran war, with exports fluctuating at 60 percent to 80 percent of normal levels in recent months.OPEC said the seven countries will hold next meeting on Nov. 1 to review market conditions and make further decisions