Öl: Opec plus will Förderziele für November beibehalten

Opec plus, an important oil-exporting countries, have decided not to increase their production targets for November. This decision was made after a virtual meeting involving Saudi Arabia, Russia, and five other nations. The production limits of the group will remain the same for the second month in a row. These countries had previously gradually increased their quotas since last autumn, but the actual production failed to keep up.

This mainly due to the Iran war, which has affected the crucial oil transportation route through the Hormuz Strait. Opec plus was formed in 2016 when Opec joined forces with a group of major oil producers like Russia to control supply and influence crude oil prices in the market. Over time, a core group has emerged, headed by Riyadh and Moscow, to manage production policies.

Opec's influence is waning as exports have fluctuated between 60 and 80 percent of the normal level in recent months. However, according to market analysts, oil exports from the Gulf region have recently increased despite the conflict, as reported by Commerzbank's analytical team. But the situation remains volatile: a tanker was recently attacked in the Strait, according to the British Maritime Authority.