OPEC+ Holds Fire on Oil Targets Amid Ongoing Middle East Tensions

OPEC+ is set to maintain oil production targets for November in light of ongoing disruptions from the US-Israeli war on Iran. The group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, has agreed to keep targets steady.

The seven core OPEC+ members pumped 25 million barrels per day in August, up 630,000 bpd from July. However, they are still roughly 5 million bpd below prewar levels in February.

The conflict has also delayed the group's output capacity review, which is crucial to determine members' 2027 output quotas.