OPEC+ Keeps Oil Production Targets Steady Amid Tight Market

OPEC+ has decided to keep oil production targets steady for November in line with market expectations. The decision was made by seven core members of the group, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

The Gulf OPEC+ producers have been pumping below output targets due to ongoing export disruptions from the US-Israeli war on Iran. Their output levels remain at 60-80% of normal levels in recent months, despite rising flows through the Strait of Hormuz.

UBS analyst Giovanni Staunovo said, 'Consequently, the oil market remains tight.' Oil prices had dropped after European leaders agreed to release diesel reserves, but Brent crude remains above $100 a barrel.