OPEC+ Sticks with Steady Oil Output Targets Amid Ongoing Disruptions

OPEC+ has agreed to keep oil production targets steady for November, following expectations that further output policy adjustments are unlikely until next year. The group's seven core members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, made the decision in a brief online meeting on Sunday.

The core members have been pumping below their target levels due to ongoing export disruptions from the US-Israeli war on Iran, with exports fluctuating at 60% to 80% of normal levels in recent months. Oil prices remain above $100 a barrel, up from about $73 before the Iran war started in late February.

Analyst Giovanni Staunovo said that despite rising flows through the Strait of Hormuz, output levels still remain well below quota, making the oil market tight.