OPEC+ Keeps November Targets Unchanged Amid Ongoing Market Uncertainty

OPEC+, the international oil cartel, has decided to maintain its November oil production targets unchanged amidst ongoing market uncertainty.

The decision was made during an online meeting on Sunday and aligns with expectations that no significant changes will be implemented until next year.

The group's seven core members - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman - have been producing below their targets due to export challenges related to the US-Israeli conflict with Iran. Their exports averaged only 60% to 80% of usual levels in August, despite recent increases.

UBS analyst Giovanni Staunovo noted that 'the production ceilings were maintained as expected,' but actual output remains below quota.