OPEC+ Maintains Oil Production Levels Amid Rising Tensions

OPEC+ has decided to maintain its current oil production levels for October, marking a shift from the monthly increases seen in recent months.

The decision was made during a meeting on Sunday, with Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - the main OPEC+ countries - choosing not to change their production quotas.

Jorge Leon of Rystad Energy noted that 'OPEC+ currently has very limited power over the physical oil market,' adding that while they can adjust production targets on paper, it's impossible to guarantee that those barrels will be produced or reach the market.