OPEC+ set to keep output targets steady

According to The Express Tribune, two sources familiar with the matter expect OPEC+ to hold its oil production targets unchanged for November when it convenes on Sunday. The meeting will be held online among seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.

The gathering comes as Gulf members lift exports that the US-Iran war has disrupted for months, although most are still producing well below their output targets. The group has raised targets for much of the year but left them unchanged for October. In September it finished unwinding a 1.65 million barrels per day cut that was first agreed in 2023.

Production by the seven core members reached 25 million barrels a day in August, according to OPEC data, which was 630,000 bpd higher than July. The rise came before the group completed its supply rollback in September.