OPEC+ keeps production targets unchanged

The decision by seven core members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — was in line with expectations that the group would not make any near-term changes to its production policy.

Due to the war in the Middle East, oil production in Gulf countries remains below their designated quotas. Exports from the region have remained at around 60-80% of normal levels in recent months, with limited supply keeping the oil market tight. The next OPEC+ meeting is scheduled for November 1.