OPEC keeps December output targets unchanged
Major OPEC+ nations reaffirmed plans to keep oil production quotas unchanged in December as conflict in the Middle East continues to curb swaths of the group’s output.
A subgroup of seven countries led by Saudi Arabia and Russia will maintain current targets, according to a statement following a video conference on Sunday. The decision is in keeping with a roadmap outlined earlier this year.
Oil futures rallied to $118 a barrel in London last week as traders priced in the risk of renewed escalation in the Middle East around Israel’s election and the US midterms. At the same time, physical markets are flashing signs of weakness, with prices for real-world barrels falling as crude shipments through the Strait of Hormuz recover to around prewar levels despite the conflict.
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Source: Rigzone
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