OPEC+ Keeps Oil Production Targets Unchanged Amid Middle East Tensions

OPEC+ nations have reportedly agreed to maintain their oil production targets for November at current levels. According to Reuters and Bloomberg, seven member countries including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held a video conference on the 4th of this month to discuss production volume targets for next month.

Reuters cited three sources familiar with the matter, stating that OPEC+ has agreed in principle to keep its November oil production targets unchanged. Bloomberg also projected that next month's oil production targets would be maintained.

The agreement comes after years of production cuts by OPEC+, which raised its output targets for most of this year. However, due to the conflict in the Middle East, most of the increased quotas have not translated into actual production, amounting essentially to paper increases.

Crude oil exports from these countries have hovered around 60% to 80% of normal levels in recent months, according to Reuters. In August, OPEC's core seven nations produced 25 million barrels per day, an increase of 630,000 barrels per day compared to July but still about 5 million barrels per day lower than the pre-war levels seen in February.