OPEC+ Holds Steady on Oil Output Amid Ongoing Disruptions

OPEC+, the alliance of oil-producing countries led by Saudi Arabia and Russia, is expected to maintain its current oil production targets for November despite ongoing disruptions caused by the Iran war. According to sources familiar with the matter, the group has agreed in principle to keep output levels unchanged.

The war, which began in February, has significantly impacted exports from OPEC+ countries, with Arab Gulf members pumping volumes well below their targets. In recent months, exports have ranged between 60% and 80% of normal levels, a far cry from the pre-war levels.

OPEC+ is still implementing production cuts of nearly 2 million barrels per day, involving most of its members. The group needs to review production capacities to determine how increases should be allocated, but no changes to output are likely before 2027.