OPEC+ agrees to keep November oil output targets steady

OPEC+ has decided to maintain its oil production targets steady for November, confirming expectations that further output policy adjustments are unlikely until 2027. The core members, comprising Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, made this decision during a brief online meeting on Sunday. The group's production levels remain significantly below quota, with exports currently fluctuating between 60% and 80% of normal levels due to disruptions from the US-Israeli war on Iran.

Despite rising flows through the Strait of Hormuz, the oil market is still tight, with oil prices remaining above $100 a barrel. The next meeting of the seven core OPEC+ members is scheduled for November 1, and the Joint Ministerial Monitoring Committee will also review the market.

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