Saudi Arabia, six OPEC nations maintain oil output targets amid U.S.-Iran war
Seven nations of the Organisation of the Petroleum Exporting Countries (OPEC) have reaffirmed their commitment to maintain their oil production levels amid a U.S.-Iran war that has disrupted global oil supply and prices.
“The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation,” OPEC said in a statement after a virtual meeting with participating countries on Sunday.
Saudi Arabia, whose oil pipeline was hit by missiles fired from Iraq, was among the nations that stood by its earlier production commitment of over 10 million barrels per day.
The country has a required production level of 10,478,000 barrels per day, the highest among the seven countries.
Russia agreed to maintain its previous level of 9,949,000 barrels per day, while Iraq will keep producing 4,431,000 barrels daily.
Kazakhstan reaffirmed its production level of 1.6 million barrels per day, Algeria’s at one million barrels per day, and Oman’s at 841,000 barrels per day.
The nations have scheduled their next monthly meeting for November 1 to review market conditions amid the ongoing wars between Russia and Ukraine and the U.S. and Iran.
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