The main coalition of OPEC+ members, which comprises Russia and Saudi Arabia, has decided to maintain existing production strategies for December.
Two sources acquainted with the organization’s discussions informed Bloomberg that, during a meeting on November 1, they will decide to keep oil production quotas the same through year-end.
In September, OPEC+ nations finalized the phased reinstatement of a 1.65 million barrel-per-day production cut that was sanctioned in 2023. According to the existing quota, Russia is allowed to produce 9.9 million barrels daily, whereas Saudi Arabia’s quota is set at 10.5 million barrels daily.
Sources from Reuters have verified this information, indicating that major changes in the OPEC+ oil production strategy are improbable before 2027.
source: bloomberg.com
