The seven countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria,and Oman – will maintain their combined maximum daily oil production at 31 million barrels.
The figure does not take into account the schedule for compensating for past overproduction, referring to the volumes that OPEC+ members are required to cut from their output to offset production above their quotas in previous periods.
Starting in September, the seven OPEC+ members ended voluntary production cuts introduced in 2023 amid various headwinds facing the global oil market. They raised their maximum permitted output by 188,000 barrels per day from August levels.
The group is scheduled to hold its next monthly meeting on November 1 to assess market conditions.
