OPEC plus apparently wants to maintain production targets for November

According to insiders, the oil producing countries of the OPEC plus group probably want to maintain their production targets for November.

Three people familiar with the matter said ahead of the group's meeting on Sunday that the body formed by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other countries had agreed in principle to stick to November targets.

The producing countries in the Gulf had recently been working well below their production targets because of the Iran war, and exports had fluctuated between 60 and 80 percent of normal levels in the past few months.

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.

But OPEC plus has lost influence on the market. The conflict in the Middle East is currently dominating the dynamics on the raw materials markets. Since the beginning of the year, Brent crude oil has become more than 60 percent more expensive.

However, as a result of the EU's release of oil reserves, the price of oil has recently fallen slightly - but remains at a high level. North Sea oil Brent (for delivery in December) and US oil WTI (for delivery in November) cost just under $100 and 91.26 respectively on Friday

Dollars per barrel.

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