OPEC+ plans to keep November oil output targets unchanged

  • Seven OPEC+ producers maintained November oil production baselines.
  • Brent and WTI crude both closed above $90 a barrel Friday.
  • The seven producers will meet again on Nov. 1.

Seven core OPEC+ producers agreed to maintain their November oil production baselines at levels set in September as the Iran war continued to pressure fuel markets. Saudi Arabia, Russia and Iraq will lead output next month, followed by Kuwait, Kazakhstan, Algeria and Oman, with the group scheduled to meet again on Nov. 1. Brent and West Texas Intermediate crude both closed above $90 a barrel on Friday, while U.S. regular gasoline averaged about $4.37 a gallon and diesel about $6.34. Iranian restrictions on shipping through the Strait of Hormuz have remained a central risk to oil flows, while U.S. forces have assisted commercial tanker transits through the waterway.

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