OPEC+ Sticks with Unchanged Oil Targets Amid Middle East Tensions

OPEC+ is expected to keep its crude oil production targets for next month at current levels. The seven core OPEC+ members, including Saudi Arabia and Russia, held a video conference on November 4th to discuss output targets.

The countries have agreed in principle to leave November production targets unchanged, according to Reuters and Bloomberg. This decision comes as the group has gradually raised its production targets for most of this year, but actual crude production and exports have been hindered by war and rising tensions in the Middle East.

Gulf producers are pumping well below their targets, with recent crude exports from those countries remaining at 60% to 80% of normal levels. The seven core members produced 25 million barrels a day in August, up 630,000 barrels a day from the previous month but still about 5 million barrels a day below February's production.