OPEC+ keeps November oil output targets steady as Iran war hits supply

OPEC+ has agreed to keep its oil production targets unchanged for November, the group said in a statement after a meeting on Sunday, Reuters reported.The decision comes as the group continues to assess the impact of ongoing conflicts in West Asia and disruptions to oil exports through the Strait of Hormuz.OPEC+ had earlier decided to keep its production targets unchanged for October at a virtual meeting on September 6. The decision was taken by seven OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.The countries had earlier announced additional voluntary production adjustments in April and November 2023.The group is closely monitoring developments in the oil market as geopolitical tensions in West Asia continue to pose risks to supplies and exports.You use AI every day. Now get your AI Quotient. Take the AIQ test.