OPEC plus is sticking to its production targets

London/Moscow. Important oil exporting countries in the OPEC plus network do not want to increase their production targets in November either. Saudi Arabia, Russia and five other states announced this after an online meeting. This means that the group's production limits will remain the same for the second month in a row.

These countries had previously gradually increased their agreed quotas since last autumn, but actual production could not keep pace. This is mainly due to the Iran war, which affected the important oil transport route through the Strait of Hormuz.

OPEC plus was created in 2016 when OPEC entered into a cooperation with a group of other important oil producers such as Russia in order to control supply and influence crude oil prices on the market. A core group has now emerged from OPEC plus, which controls production policy under the leadership of Riyadh and Moscow.

Exports have fluctuated between 60 and 80 percent of normal levels in recent months. However, estimates from market observers indicate that oil exports from the Gulf region have recently increased again despite the conflict, according to the Commerzbank analysis team. But the situation remains volatile: According to a captain, another tanker was shot at in the strait, as the British Shipping Authority (UKMTO) reported on Sunday.