OPEC+ agrees to keep November oil output targets steady

OPEC+ on Sunday agreed to keep its oil production targets unchanged for November, in line with expectations that the group is unlikely to make further output policy changes until next year, according to agnecy reports.The decision was taken during a brief online meeting involving seven key members of the Organisation of the Petroleum Exporting Countries and its allies, including Russia. The group comprises Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
Gulf OPEC+ producers have continued to pump below their production targets amid ongoing disruptions to oil exports linked to the US-Israeli war on Iran. Exports have remained at around 60% to 80% of normal levels in recent months.“Despite rising flows through the Strait of Hormuz, their output levels remain well below quota,” UBS analyst Giovanni Staunovo said, adding that the oil market remains tight.
Oil prices fell on Friday after European leaders agreed to US President Donald Trump's request to release diesel reserves. However, Brent crude remains above $100 a barrel, compared with around $73 before the Iran war began in late February.OPEC+ has raised output targets for much of 2026 after years of production cuts, but much of the planned increase has remained on paper due to the Middle East conflict.
The seven core members produced around 25 million barrels per day in August, an increase of 630,000 bpd from July, but still around 5 million bpd below prewar levels in February, according to OPEC data.The conflict has also delayed an OPEC+ review of members' production capacity, which is important for determining their 2027 output quotas. Industry sources said the disruption has made estimates of future production capacity uncertain.

Seven major OPEC+ producers agreed Sunday to keep their oil production targets unchanged for November as the Iran war continues to disrupt global supplies and Brent crude trades above $100 a barrel. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed during a virtual meeting to maintain their September required production levels through November, OPEC said. The seven countries will meet again on Nov. 1 to review market conditions. The decision comes as the war with Iran, which began with US and Israeli attacks on Feb. 28, has disrupted oil exports from the region. Persian Gulf OPEC+ producers have been pumping well below their targets, with exports fluctuating between 60% and 80% of normal levels in recent months, Reuters reported. The Group of Seven countries agreed Friday to coordinate the release of 100 million barrels of oil and fuel products through the International Energy Agency in an effort to ease pressure on energy markets. The release will begin immediately and run over four months, including a “frontloaded substantial diesel release” during the first 20 days, according to a joint G7 statement. The G7 also called for the restoration of navigation through the Strait of Hormuz and pledged to refrain from imposing energy export restrictions among member countries.

— Iran International English (@IranIntl_En) October 4, 2026

OPEC+ still has around 2 million bpd of production cuts in place covering most members. The group is expected to use the outcome of the capacity review to determine how future increases will be distributed, with significant changes unlikely before 2027.The seven core members are scheduled to meet again on November 1.Separately, the Joint Ministerial Monitoring Committee (JMMC), an OPEC+ ministerial group that monitors market conditions but does not set production policy, also met on Sunday to review developments in the oil market.