Opec+ Keeps Oil Targets Steady Amid Ongoing Disruptions

The Opec+ group is set to maintain its oil production targets for November, despite ongoing disruptions caused by the US-Israeli war on Iran. According to sources close to the matter, the group's seven core members have agreed in principle to keep targets steady.

Gulf Opec+ producers have been pumping at levels below 80% of normal due to export disruptions from the conflict. The war has also delayed the group's output capacity review, which is crucial for determining members' 2027 output quotas.

Opec+ has been increasing output targets since this year, but most of the increases have remained on paper due to the Middle East conflict. Despite pumping at higher levels in August, Opec+ still lags behind pre-war production levels.