OPEC+ Maintains November Oil Targets

OPEC+ alliance, which includes OPEC countries and external producers led by Russia, has agreed to keep oil production targets unchanged in November. This decision was made during an online meeting that included Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. Despite increased flows through the Strait of Hormuz, production from the alliance's key countries remains well below the targeted quotas, keeping the market tight. Oil prices continue to stay high, with Brent surpassing $100 per barrel—this is above the approximately $73 per barrel before the outbreak of the Iranian war. Although there are targeted increases planned for 2026, the conflict in the Middle East has led to a reduction in actual production, which reached 25 million barrels per day in August—about five million barrels less than pre-war levels.

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