Saudi Arabia and Other Major Producers Hold Policy Steady

OPEC+ has agreed to keep its November oil production targets unchanged, following a meeting of the group’s seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.

The decision comes as global oil markets remain tight because Middle East export disruptions continue to affect supply. Brent crude has remained above $100 per barrel, despite efforts to increase supply and stabilise energy markets.

The group’s next meeting is scheduled for November 1, while a longer-term production-capacity review has been delayed because of uncertainty surrounding regional production capacity.

Why it matters: The decision could keep oil markets relatively tight and remains highly important for Saudi Arabia, UAE and other GCC economies that depend heavily on energy revenues.

Source : Reuters.