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Seven OPEC+ countries keep December oil targets unchanged
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The seven producers will maintain their September targets for December, extending a pause in increases as oil prices remain high.
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Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed at an online meeting on 1 November to maintain their September production targets for December, OPEC said.
The same seven countries had kept those targets for November. They also held them steady for October, Reuters reported.
The December targets total 31.01 million barrels a day, based on figures published by Arab News. Saudi Arabia’s target is 10.478 million barrels a day and Russia’s is 9.949 million. The targets do not show how much oil the countries actually produce.
The decision comes as oil prices remain high. Brent crude settled at nearly $118 a barrel on Friday, Reuters reported. The seven countries’ next meeting is scheduled for 29 November, according to OPEC.
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