OPEC+ weighs output plans as Iran snapback sanctions hit

Group 1 - OPEC is meeting this week to discuss oil output for November, with reports suggesting a potential production hike of approximately 137,000 barrels per day [2][3] - The market is currently pricing in the likelihood of another production hike, despite speculation and lack of confirmed discussions regarding OPEC's plans [3] - Oil prices are under pressure due to the anticipation of OPEC's decisions, with WTI and Brent crude experiencing declines of about 1.5% and 1.25% respectively [1] Group 2 - The reintroduction of sanctions on Iran is impacting the market, with the United Nations imposing new measures affecting crude oil and natural gas [4] - The market is weighing the potential OPEC production hike against the risks associated with sanctions and regional tensions, with Brent crude prices stabilizing around $65 to $70 per barrel [4]