OPEC+ Core Keeps Oil Output Ceilings Unchanged Amid Iran Conflict

The OPEC+ Core group of seven major oil producers has decided to maintain their November output ceilings at September levels, despite actual production being significantly lower due to disruptions caused by the U.S.-Israeli war on Iran. The countries involved - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman - reviewed global market conditions during a virtual meeting on Sunday.

The group left their required production levels unchanged at 9.949 million barrels per day for Russia, 10.478 million for Saudi Arabia, 4.431 million for Iraq, 2.676 million for Kuwait, 1.628 million for Kazakhstan, 1.007 million for Algeria, and 841,000 for Oman.

UBS analyst Giovanni Staunovo noted that the production ceilings were kept unchanged as expected, but pointed out that actual output is still far below quota despite improved traffic through the Strait of Hormuz. Brent crude prices remain above $100 a barrel after recent fluctuations.