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Opec+ keeps quotas unchanged as oil approaches $120

By , based on Business Day (South Africa)

Opec+ keeps quotas unchanged as oil approaches $120C.Stadler/Bwag · CC BY-SA 4.0

Opec+ members kept their production targets unchanged as oil prices approached $120. The group’s 21 countries are due to meet on 29 November to review their 2027 quotas, according to Reuters.

Members of Opec+, the alliance of 21 oil-producing countries, are due to meet on 29 November to set their production quotas for 2027. Analysts expect a more difficult decision at the meeting, according to Reuters.

The deadline comes as Brent approaches $120 a barrel, after reaching $117.64 the previous day, its highest level in six months. Global oil production could also reach 106 million barrels per day in 2027, according to projections reported by Reuters.

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