The Globe and Mail reports in its Monday edition that OPEC+ members kept December production targets steady on Sunday, confirming expectations that more policy adjustments will not occur until next year, as the group continues to struggle with export disruptions from the Iran war. A Reuters dispatch to The Globe says seven core OPEC+ members -- Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman -- made the decision in an on-line meeting. While Gulf members have been boosting exports that have been disrupted for months by the conflict, most are still pumping well below their targets. All members of the 21-country group are due to meet on Nov. 29, when analysts expect it will decide 2027 quotas. "Today's decision was the easy one," said Jorge Leon, an analyst at Rystad. "The much more important test comes at the Nov. 29 ministerial meeting, when OPEC+ will decide its 2027 production framework." Oil prices jumped more than 2 per cent on Friday, with Brent crude settling at almost $118 (U.S.) a barrel, as traders braced for a potential escalation in the Iran war after the U.S. midterms. OPEC+ "faces an extremely difficult call for 2027," Mr. Leon added, given all the moving geopolitical parts.
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