OPEC+ Maintains Oil Production Targets Amid Iran Conflict

OPEC+ is set to maintain oil production targets at current levels for November, according to sources close to the matter. The group's decision comes as Gulf OPEC+ producers continue to pump below target due to ongoing export disruptions from the US-Israeli war on Iran.

Exports have been fluctuating between 60-80% of normal levels in recent months, with some members pumping as much as 5 million barrels per day below pre-war levels. The conflict has also delayed OPEC+ output capacity review, which is crucial for determining members' 2027 output quotas.

The seven core OPEC+ members, including Saudi Arabia, Russia, and Iraq, have been pumping at around 25 million barrels per day in August, up from July but still below pre-war levels. The group has agreed to keep targets steady for November, with any changes unlikely until 2027.