OPEC+ keeps November oil output targets unchanged at about 31.0 million bpd as Hormuz remains largely shut
AI Market Summary
OPEC+ maintained November output targets, but the key constraint remains severely reduced Strait of Hormuz traffic, limiting effective exports despite quota levels. With inventories already drawn down and infrastructure repairs slow and costly, the news reinforces near-term supply tightness and elevated risk premia in crude. The reduced market share of OPEC+ post-UAE exit may temper long-run control, but shipping disruptions dominate current pricing.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT-0.66%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▲ Bullish
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Seven OPEC+ members decided on Sunday to keep their November oil output targets unchanged, with combined required production totaling about 31.0 million barrels a day. Saudi Arabia’s target is 10.478 million barrels a day, Russia’s 9.949 million, and Iraq’s 4.431 million. Shipping through the Strait of Hormuz remained extremely low, averaging about 3.7 vessels a day in September, far below the prewar 68. OPEC+’s monitoring committee warned that repairing damaged energy infrastructure is slow and costly.
