OPEC+ agreed to keep its November oil production targets unchanged at a meeting on Sunday, as Middle East export disruptions continue to limit actual output despite higher flows through the Strait of Hormuz.

Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman made the decision during a brief online meeting. Gulf OPEC+ producers have been pumping below their targets as exports have remained between 60% and 80% of normal levels in recent months.

“The OPEC+ group of seven kept their production ceilings unchanged, in line with market expectations. That said, despite rising flows through the Strait of Hormuz, their output levels remain well below quota,” UBS analyst Giovanni Staunovo said. “Consequently, the oil market remains tight.”

Brent crude remains above $100 a barrel despite falling on Friday after European leaders agreed to US President Donald Trump’s request to release diesel reserves. Prices stood at about $73 before the Iran war began in late February.

The seven core members produced 25 million barrels per day in August, up 630,000 bpd from July but about 5 million bpd below February levels, according to OPEC data. The group still has about 2 million bpd in cuts covering most members and will meet again on November 1.

Last week, OPEC+ delayed its capacity review after the Iran war disrupted projects expected to increase production capacity. The assessment, which will help determine 2027 quotas, is now expected to finish by mid-November, according to sources.