OPEC+ Keeps Oil Targets Unchanged Amid Ongoing Disruptions

The OPEC+ alliance is set to maintain its oil production targets for November, despite ongoing disruptions caused by the Iran war. Sources familiar with the matter revealed that Arab Gulf members of OPEC have been pumping volumes below their targets since February, with exports ranging between 60% and 80% of normal levels in recent months.

The alliance had raised production targets for most of this year after implementing cuts for several years, but these increases have largely remained theoretical due to the war. The OPEC+ countries produced 25 million barrels per day (bpd) in August, up 630,000 bpd from July, but still below pre-war levels.

The seven key OPEC+ countries are expected to meet soon and have agreed to keep oil production targets unchanged for November. However, the group needs to review production capacities to determine how increases should be allocated, with no changes likely before 2027.