OPEC+ Stands Pat on Oil Production Targets Amid Middle East Disruptions

OPEC+ countries have agreed to keep their oil production targets for November unchanged, despite significant disruptions in exports caused by the war against Iran.

The OPEC+ group, which includes Russia and other major oil producers, had increased production targets throughout most of this year after years of cuts. However, most of these increases remained on paper due to the conflict in the Middle East.

According to available information, the seven key OPEC+ members produced 25 million barrels of oil per day in August, which is 630,000 barrels more than in July but approximately 5 million barrels less than in February before the war began. The group still has production cuts of around 2 million barrels per day involving most member countries.

The OPEC+ group needs a capacity review to decide how to allocate increases in output, and any production changes are unlikely before 2027.