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Commodities

OPEC+ Fails to Halt Rising Brent Crude Prices Amid Strait of Hormuz Disruptions

Guavy AI Editorial Team
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Oil
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OPEC+ decided not to change its oil production policy for October despite rising Brent crude prices.

The decision was made due to disruptions in crude exports through the Strait of Hormuz caused by the Iran conflict, which has pushed Brent crude towards $100 a barrel.

Jorge Leon of Rystad Energy stated that OPEC+ has 'very limited power over the physical oil market' in the current situation.

The group's ability to control supply is hindered by logistical constraints, and production targets on paper may not translate into actual output.

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