OPEC+ Keeps November Oil Output Targets Unchanged Amid Export Disruptions

OPEC+ producers have decided to keep oil production targets unchanged for November at their meeting on Sunday.

This decision is seen as a signal that further output policy changes are unlikely until next year, according to Reuters.

The group's members have been pumping below targets amid ongoing export disruptions from the US-Israeli war on Iran. Exports have been at 60-80% of normal levels in recent months.

UBS analyst Giovanni Staunovo noted that output remains well below quotas despite rising flows through the Strait of Hormuz, keeping the oil market tight.