OPEC+ agreed on Sunday to maintain its November oil production targets unchanged during a brief online meeting of seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. Gulf producers are pumping well below quotas due to export disruptions from the US-Israeli war on Iran, with flows fluctuating between 60% and 80% of normal levels. Brent crude remains above $100 per barrel, compared with about $73 before the conflict began in late February. In August, the seven members produced 25 million barrels per day, up 630,000 bpd from July, yet still roughly 5 million bpd below prewar levels.
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