OPEC+ Keeps Oil Targets Steady Amid Ongoing Disruptions

OPEC+ is set to maintain its oil production targets for November, following an agreement in principle by the group's members. This decision comes despite ongoing disruptions to exports from the US-Israeli war on Iran, which has limited output to around 60-80% of normal levels.

The OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and its allies including Russia, has agreed to keep targets steady for November. This is in contrast to previous years, where output targets were raised after production cuts.

The seven core OPEC+ members have been pumping at levels around 25 million barrels per day, up from July but still below pre-war levels in February by about five million barrels per day.