OPEC+ Sticks to Steady Oil Output Targets Amid Iran War Disruptions

OPEC+ producers in the Persian Gulf have been pumping oil at levels significantly below their output targets, mainly due to export disruptions from the ongoing US-Israel war on Iran. The group's exports have fluctuated between 60% to 80% below normal levels in recent months.

The war has also delayed the OPEC+ group's output capacity review, which is crucial for determining members' 2027 output quotas. According to unnamed industry sources, the conflict has thrown estimates of future production potential into uncertainty.

OPEC+, which is meeting today, has been raising oil production targets for much of this year after years of cuts, but most of these increases have been only on paper due to the ongoing war.