OPEC+ Sticks to Oil Output Targets Amid Market Uncertainty

OPEC+ has agreed to maintain its November oil production targets unchanged amid market uncertainty. This decision was made ahead of the group's meeting scheduled for Sunday.

The geopolitical tensions caused by the US-Israeli war with Iran have led to ongoing export bottlenecks, resulting in exports fluctuating at 60-80% of normal levels in recent months. Gulf OPEC+ producers have been operating well below target during this time.

OPEC+ has been raising output targets for much of this year, but most of the increases remained on paper due to the Middle East conflict. The seven core OPEC+ members' output reached 25 million barrels per day in August, still roughly 5 million bpd below pre-war levels in February.