OPEC+ Set to Maintain Oil Output Targets Amid Ongoing Conflict

OPEC+ is poised to maintain its oil production targets for November, according to sources close to the matter. The group's seven core members, which include Saudi Arabia and Russia, have been pumping below their target levels due to ongoing export disruptions caused by the US-Israeli war on Iran.

The war has resulted in exports fluctuating between 60% to 80% of normal levels in recent months. This uncertainty has delayed the group's output capacity review, which is crucial for determining members' 2027 output quotas.

OPEC+ has been gradually raising its output targets since this year, but most of these increases have remained on paper due to the conflict in the Middle East. The seven core OPEC+ members pumped 25 million barrels per day (bpd) in August, a 630,000 bpd increase from July, yet still approximately 5 million bpd below pre-war levels in February.