OPEC+ maintains oil production levels for November

OPEC+ has decided to maintain its current oil production levels for November, marking the second consecutive month of unchanged policy. The decision was reached following a video conference involving seven member nations: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The group scheduled its next meeting for December 1 to review market conditions and determine future production policies. This move aligns with market expectations, as officials had previously signaled that production targets would likely remain steady and would not increase until at least the end of the year.

In a separate report, OPEC has lowered its global oil demand growth forecast for 2026 to 380,000 barrels per day, citing economic growth trends, geopolitical tensions, inflation, and uncertainty regarding U.S. tariff policies. However, the organization raised its demand forecast for 2027 to an increase of approximately 2.4 million barrels per day, up from the previous estimate of 2.2 million.