Photo: Quintin Soloviev, Wikimedia Commons, CC BY 4.0.
Seven OPEC+ oil producers led by Saudi Arabia and Russia met virtually on Sunday, November 1, and decided to hold their December crude production at September levels, the group said in a statement, as the U.S.-Iran war keeps Gulf supply under pressure.
The seven – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – reviewed market conditions and reaffirmed their commitment to full conformity with their cooperation declaration, the statement said. The group will meet again November 29.
The decision leaves output quotas unchanged while Saudi production remains under pressure from a Houthi missile and drone barrage that reached the kingdom’s oil-rich Eastern Region, and after attacks on shipping pushed Strait of Hormuz incidents past the war high to 30 in October.
U.S. crude closed Friday at $102.95 a barrel, up 0.9 percent. Futures resume trading at 6 p.m. Eastern on Sunday, with the reopen coming after a war-high month of tanker attacks.
JBizNews Desk | New York
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