OPEC+ Keeps Oil Output Unchanged Amid Post-Iran War Turmoil

The OPEC+ alliance has decided to maintain oil output objectives unchanged during its meeting on Sunday. The decision was made by seven key OPEC+ members, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

The meeting came as Gulf states are working to boost exports following months of turmoil caused by the US war against Iran. Despite this effort, most producers are still pumping below their goal quotas.

OPEC+ had previously raised its production targets for most of the year before deciding to keep them unchanged in October. This change was made after completing the phasing out of voluntary cuts, which totaled approximately 1.65 million barrels per day that began in 2023.