ET Net News Agency reported on the 5th that seven major oil-producing countries of OPEC+ have decided to extend the production freeze arrangement initiated in October, maintaining unchanged output levels in November. However, actual production from most member countries remains below target levels, and transportation and infrastructure disruptions caused by Middle East conflicts continue to restrict supply recovery.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman announced the decision following a video conference. The seven nations reaffirmed their commitment to fully implement the OPEC+ Declaration of Cooperation and will continue to assess market conditions monthly, with the next meeting scheduled for November 1.
On Monday, international market analytics firm Kpler released data showing that despite attacks on vessels transiting the Strait of Hormuz, Middle East crude oil exports exceeded pre-Iran conflict levels on four out of the seven days in the last week of September.
International oil prices remain high. Brent crude futures are currently trading at USD 101.2 per barrel, while New York crude futures are at USD 89.82. (yc)
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman announced the decision following a video conference. The seven nations reaffirmed their commitment to fully implement the OPEC+ Declaration of Cooperation and will continue to assess market conditions monthly, with the next meeting scheduled for November 1.
On Monday, international market analytics firm Kpler released data showing that despite attacks on vessels transiting the Strait of Hormuz, Middle East crude oil exports exceeded pre-Iran conflict levels on four out of the seven days in the last week of September.
International oil prices remain high. Brent crude futures are currently trading at USD 101.2 per barrel, while New York crude futures are at USD 89.82. (yc)
