Opec+ Keeps Oil Output Targets Unchanged for Second Consecutive Month

Opec+ has maintained its oil production targets for November, extending the pause on output increases it started in October. The group's seven core members, Saudi Arabia, Iraq, Kuwait, Oman, Algeria, Russia, and Kazakhstan, decided to keep their required production levels steady for November.

This decision comes after Opec+ unwound 1.65 million barrels per day of voluntary cuts from 2023 in September and is keeping a further two million bpd of cuts agreed in 2022 in place until the end of the year.

The Strait of Hormuz, which carries about a fifth of the world's crude oil and liquefied natural gas supplies, has been closed since fighting between the US and Iran started on February 28. Most Opec+ members are producing below their targets due to the war.