Saudi Arabia, Russia To Cut 1.05 Million Bpd In November

Saudi Arabia has agreed to cut its production for November by 526,000 bpd, from its current quota of 11.004 million bpd, according to data provided by OPEC following its Wednesday meeting to set new production targets. OPEC+ decided to cut its November production quotas by 2 million bpd, according to the Wednesday press release, “In light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive,…