OPEC+ Keeps Oil Output Targets Unchanged Amid Ongoing Export Disruptions
OPEC+ members have decided to keep their November oil production targets unchanged despite an improvement in shipping flows through the Strait of Hormuz.
The group's seven key members, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, made this decision during a brief online meeting on October 4.
Despite increased export volumes, which have now reached 60-80% of their pre-war levels, the countries are still pumping below their targets due to export disruptions caused by the US-Israeli war against Iran.
According to UBS analyst Giovanni Staunovo, 'the market had expected' OPEC+ to keep its production ceilings unchanged. However, he noted that even with improved flows through the Strait of Hormuz, output remains well below quotas, keeping the oil market tight.