Opec+ Keeps Output Targets Steady Amid Ongoing Iran Conflict

Opec+ has decided to keep oil-production targets steady for November at their meeting on Sunday. The seven core members of the group, which includes Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, made this decision in a brief online meeting.

The Opec+ group's output levels remain well below quota due to export disruptions from the US-Israeli war on Iran. Despite rising flows through the Strait of Hormuz, exports have been fluctuating at 60 to 80 percent of normal levels in recent months.

UBS analyst Giovanni Staunovo said that despite market expectations being met, 'the oil market remains tight.' Brent crude prices remain above $100 a barrel, up from about $73 before the Iran war started in late February.