OPEC+ is to keep its oil production targets steady for November, a Reuters report says.
OPEC+ producers in the Persian Gulf have been pumping well below output targets in the face of continuing export disruptions from the US-Israel war on Iran. Their exports have fluctuated at 60 to 80 percent below normal levels in recent months.
The war has also delayed the group’s output capacity review – crucial to determine members’ 2027 output quotas – because it has thrown estimates of future production potential into uncertainty, unnamed industry sources told Reuters.
OPEC+, which is meeting today, has been raising output targets for much of 2026 after years of production cuts, but most of the increases have been only on paper because of the war.
Source:
MNA
