OPEC+ to keep November oil output targets steady, sources say
This digest was compiled by AI from multiple sources — links to the originals are below.
OPEC+ is set to keep oil production targets steady for November, three sources close to the talks said ahead of the group's meeting on Sunday. The decision comes as Gulf producers pump well below targets due to export disruptions from the US-Israeli war on Iran. The war has also delayed the group's output capacity review needed for 2027 quotas.
Key Facts
- OPEC+ has agreed in principle to keep output targets steady for November, according to three sources close to the talks.
- The seven core OPEC+ members pumped 25 million barrels per day in August, up 630,000 bpd from July but still about 5 million bpd below prewar levels in February.
- OPEC+ still has about 2 million bpd of output cuts in place covering most members.
- The group's seven core members meeting on Sunday are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
November Output Decision
OPEC+ is set to keep oil production targets steady for November, three sources close to the matter said ahead of the group's meeting on Sunday. The group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, has agreed in principle to keep targets steady for November, the sources said. OPEC+ has been raising output targets for much of 2026 after years of production cuts, but most of the increases stayed on paper because of the Middle East conflict. The seven core members meeting on Sunday are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
Production Below Targets
Gulf OPEC+ producers have been pumping well below output targets in the face of continuing export disruptions from the US-Israeli war on Iran, with exports fluctuating at 60-80% of normal levels in recent months. The seven core OPEC+ members pumped 25 million barrels per day in August, up 630,000 bpd from July, yet still roughly five million bpd below prewar levels in February, OPEC data shows. OPEC+ still has about two million bpd of output cuts in place covering most members.
Capacity Review Delay
The war has delayed the group's output capacity review, which is crucial to determine members' 2027 output quotas, because it has thrown estimates of future production potential into uncertainty, industry sources said. OPEC+ needs a capacity review to decide how to distribute increases, and any changes to output are unlikely before 2027, sources said.