OPEC+ keeps oil output frozen in November

The OPEC+ alliance decided on Sunday to keep its crude supply level unchanged for November, for a second consecutive month, according to the portal Banca y Negocios. The move freezes production at September levels to manage the mismatch between theoretical quotas and actual physical output.

The decision was agreed by the energy ministers of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, according to information published by Efecto Cocuyo. These seven key partners have gradually reversed two voluntary output cuts totaling 3.85 million barrels per day that they had applied in 2023 to support crude prices.

According to data published by the organization and reported by the media, the group's total production in August stood at 24 million barrels per day, a 1.46% increase from the previous month but 15% less than in January, before the attacks that affected the Persian Gulf region. Together with its allies, supply volume reached 38 million barrels per day, equivalent to 38% of the world supply forecast by the International Energy Agency for 2026.

In international markets, the Brent benchmark closed the week at $102.25 a barrel in London, while West Texas Intermediate finished the session in New York at $91.11 a barrel. Monthly meetings will continue to analyze market conditions, with a full ministerial conference scheduled for November 30.