ALMATY – The seven OPEC+ countries participating in additional voluntary production adjustments, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, have agreed to maintain their current oil production levels in November.
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The decision was made during an Oct. 4 virtual meeting to review global oil market conditions and the outlook. Under the agreement, the seven countries will maintain their September required production levels throughout November, meaning they will not increase production for a second consecutive month.
The decision follows an earlier agreement reached on Sept. 4, when the seven countries decided to maintain their September production levels in October.
Under that agreement, Kazakhstan’s October production quota was set at 1.628 million barrels per day (bpd). Russia’s quota stood at 9.949 million bpd, Saudi Arabia’s at 10.478 million bpd, Iraq’s at 4.431 million bpd, Kuwait’s at 2.676 million bpd, Algeria’s at 1.007 million bpd and Oman’s at 841,000 bpd.
Reuters reported that the seven core OPEC+ members produced 25 million bpd in August, up 630,000 bpd from July.
The next meeting is scheduled for Nov. 1.
