OPEC+ Likely to Maintain Oil Output

OPEC+ is expected to keep its oil production targets unchanged in November, despite the war thwarting a review of its production capacities, which was necessary to determine next year's quotas. According to data, the key countries in the alliance, led by Saudi Arabia and Russia, have been producing well below their targets since the start of the Iranian war in February, with exports ranging between 60% and 80% of normal levels. The seven main producers' output reached 25 million barrels per day in August, approximately 5 million barrels below pre-war levels. The current trend remains to keep production unchanged until 2027, with current cutbacks of around two million barrels per day still in place.

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