OPEC+ Holds Output Targets Amid Ongoing Supply Disruptions in Middle East

OPEC+ members have kept their November oil output targets unchanged, as supply remains disrupted due to the ongoing conflict in the Middle East. The decision was widely expected and means the group is unlikely to make further changes before next year, according to Reuters and Bloomberg.

The seven core members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, produced around 25 million barrels per day in August, up 630,000 bpd from July. However, this was still roughly 5 million bpd below their pre-war production level in February.

Oil exports from the region have been fluctuating at around 60 to 80 percent of normal levels in recent months as the conflict has disrupted flows. Brent crude remains above $100 a barrel, compared with about $73 before the Iran war began in late February.