ILLUSTRATION – A view of the OPEC pavilion on the COP28 grounds. (is associated with: «OPEC+ freezes output targets again as Iran war disrupts Gulf exports») Hannes P Albert/dpa
Key oil-exporting countries in the OPEC+ group will not raise their production targets in November, Saudi Arabia, Russia and five other member states said on Sunday after an online meeting, keeping the group’s output limits unchanged for the second month in a row.
The countries had previously been gradually increasing their agreed quotas, but actual production has failed to keep pace, largely due to the Iran war, which has affected the vital oil transport route through the Strait of Hormuz.
Volatile situation
Estimates from market analysts suggest that oil exports from The Gulf region have recently begun to rise again despite the conflict, according to the analysis team at Commerzbank.
The situation remains volatile: A tanker was again struck by fire in the strait, according to a captain’s account reported by the UK Maritime Trade Operations (UKMTO) on Sunday.
The Group of Seven (G7) leading industrialized nations decided on Friday to release 100 million barrels of crude oil and diesel reserves – each barrel containing 159 litres – over the next four months. Whether this will sustainably dampen prices at markets and petrol stations remains to be seen.
In anticipation of the G7 decision, the price of Brent crude from the North Sea had fallen sharply to $98.72 per barrel, but by the close of trading on Friday it had already risen again to €102.25.