OPEC+ Keeps Oil Targets Unchanged Amid Ongoing Disruptions in Gulf

OPEC+ has decided to keep its November oil production targets unchanged at 25 million barrels per day, despite ongoing disruptions in the Gulf region and elevated freight risks.

The decision was made during a brief online meeting by seven core producers: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. The unchanged target masks a market still constrained by tight physical supply and uncertainty around the Strait of Hormuz.

Elevated conflict risk, product shortages, freight costs, reserve policy, and refinery conditions are all interacting to keep prices high. Brent crude remained above $100 a barrel after the decision, compared with about $73 before the war began in late February.