Raw materials: Opec plus production cartel keeps oil production targets constant for the first time since autumn
Oil production lagged behind targets due to the Iran war. From October, the production cartel will draw consequences.
Opec plus countries will not increase their oil production targets in October. A core group of seven members, including Saudi Arabia and Russia, announced this decision after an online meeting. The group had been gradually increasing production since last autumn to reverse a cut from 2023, but data from the Organisation of the Petroleum Exporting Countries (Opec) shows that production has fallen short of agreed quotas due to the Iran conflict and blockage of the Strait of Hormuz. The Opec plus alliance was formed in 2016 to manage supply and influence crude oil prices.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
