OPEC+ is keeping oil output targets frozen for November as Iran war disrupts Gulf exports
OPEC+ has decided to keep its oil output targets frozen for November, contributing to a tight global oil market. This decision comes amidst disruptions to Gulf member exports due to the ongoing conflict involving Iran, pushing Brent crude prices above $100 a barrel.
Why it matters
The frozen output targets combined with regional conflict-induced supply disruptions will likely keep global oil prices high, impacting energy costs for consumers and businesses worldwide and potentially fueling inflation.
Gulf members are pumping 60% to 80% of normal export levels,…
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