OPEC+ Maintains November Production Quota at 31.01 Million BPD

Key Facts

1OPEC+ agreed to keep its oil production quota for November unchanged at 31.01 million barrels per day.

2The group's actual production in August was 25 million barrels per day, significantly below its own quota.

OPEC+ agreed to keep its oil production quota for November unchanged at 31.01 million barrels per day. Reuters reported, citing Kpler data, that the decision aims to balance the market amid supply shortages from the Middle East and follows a strategy of unwinding production cuts established earlier in the year.

The group's actual production in August was 25 million barrels per day, which was significantly below its own quota according to Oilprice.com. Giovanni Staunovo, a commodity analyst at UBS, noted that output levels remain below official quotas despite rising flows through the Strait of Hormuz, keeping the oil market tight.