OPEC+ decides to keep oil output targets steady in November

The seven major OPEC+ countries decided to keep oil output quotas for November unchanged from the October levels, said the Organization of the Petroleum Exporting Countries (OPEC) in a statement released on Sunday.

This marks the second consecutive month of maintaining the oil output quotas steady. Representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on Sunday to review global market conditions and outlook, according to the statement.

Participating countries reaffirmed that they will continue to abide by the relevant production arrangements under the OPEC+ cooperation framework and hold monthly meetings to assess subsequent output policies in light of international oil market conditions, said the statement. The next meeting will take place on Nov 1, according to the statement.