OPEC+ keeps oil production unchanged in November / Brent crude remains above 100 dollars per barrel

OPEC+ decided on Sunday to leave production targets unchanged in November, during an online meeting attended by representatives of the seven main members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. The group does not intend to make major adjustments to its production policy before next year.

The decision comes at a time when the oil market remains tense. Producers in the Gulf region continue to extract less than the levels stipulated by official quotas, while exports are affected by disruptions caused by the war between the US, Israel, and Iran. Brent crude is trading at over 100 dollars per barrel, compared with approximately 73 dollars before the conflict broke out.

The seven main members produced approximately 25 million barrels per day in August, 630,000 barrels per day more than in July, but around 5 million below the pre-war level. OPEC+ is maintaining cuts of approximately 2 million barrels per day for most members.

In Romania, pressure on the market is reflected in pump prices. At the beginning of October, gasoline cost an average of 10.08 lei per liter, while diesel cost 10.94 lei.

The next meeting is scheduled for November 1, when December production will be reviewed.