OPEC+ Keeps Oil Output Targets Unchanged Amid War Disruptions

OPEC+, the global oil producers' alliance, maintained its November oil production targets at their current levels in a meeting on Sunday. The decision to keep output unchanged came as war in the Middle East continues to limit actual production despite higher flows through the Strait of Hormuz.

The seven core OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, made this decision during a brief online meeting. Despite rising exports, their output levels remain well below quota.

'The oil market remains tight,' said UBS analyst Giovanni Staunovo. Brent crude has remained above $100 a barrel despite falling on Friday after European leaders agreed to release diesel reserves.