The seven major OPEC+ countries have decided to keep oil output quotas for November unchanged from October levels, the Organization of the Petroleum Exporting Countries (OPEC) said in a statement released on Sunday.
This marks the second consecutive month in which the oil output quotas have been kept unchanged.
Representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman met virtually on Sunday to review global market conditions and the outlook, according to the statement.
The participating countries reaffirmed that they would continue to abide by the relevant production arrangements under the OPEC+ cooperation framework. They will also hold monthly meetings to assess subsequent output policies in light of international oil market conditions, the statement said.
The next meeting will take place on November 1, according to the statement.
Also Read:
OPEC+ comprises OPEC member states and non-OPEC oil-producing countries such as Russia.
In March last year, the seven countries participating in Sunday’s meeting, together with the United Arab Emirates (UAE), which had withdrawn from OPEC and OPEC+ on May 1 this year, jointly decided to gradually raise oil output starting from April 1 last year.
The eight countries continued increasing output each month until December.
During the first three months of this year, the eight countries put output increases on hold due to seasonal factors. They later announced the resumption of output increases beginning in April.
