OPEC+ keeps oil production quotas unchanged after meeting
OPEC+ decided on Sunday to maintain current oil production quotas, following earlier agreements to gradually phase out supply cuts.
Key Takeaways
AIOPEC+ decided during its meeting on Sunday to keep oil production quotas unchanged.
The decision follows an August agreement to increase output for September, after a series of gradual hikes that fully reversed a previous supply cut of 1.65 million barrels per day agreed in 2023, according to Al Arabiya.
Despite these agreed increases, the alliance's output remains well below target levels due to the ongoing war.
OPEC+ continues to implement another round of production cuts, covering most of its 21 member countries, which will remain in place until the end of 2026.