OPEC+ has agreed in principle to keep oil production targets steady for November, three sources close to the matter told Reuters ahead of the group's meeting on Sunday, as export disruptions from the US-Israeli war on Iran continue to leave Gulf producers pumping well below their targets. The seven core members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — were due to meet at 1100 GMT on Sunday.
Gulf OPEC+ producers have been pumping well below output targets in the face of the continuing disruptions, with exports fluctuating at 60-80% of normal levels in recent months. The war has also delayed the group's capacity review — the assessment of members' future production potential that underpins 2027 quotas — which industry sources said has been pushed to mid-November.
The numbers
The seven core members pumped 25 million barrels per day in August, up 630,000 bpd from July, yet still roughly 5 million bpd below pre-war February levels, OPEC data shows. About 2 million bpd of output cuts remain in place covering most members. OPEC+ had 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. A separate Joint Ministerial Monitoring Committee (JMMC), which does not decide policy, also meets on Sunday to review the market.
Sources:
Reuters — OPEC+ agrees in principle to keep November oil output targets steady, sources say
theedgemalaysia — OPEC+ agrees in principle to keep November oil output targets steady, sources say
Gulf OPEC+ producers have been pumping well below output targets in the face of the continuing disruptions, with exports fluctuating at 60-80% of normal levels in recent months. The war has also delayed the group's capacity review — the assessment of members' future production potential that underpins 2027 quotas — which industry sources said has been pushed to mid-November.
The numbers
The seven core members pumped 25 million barrels per day in August, up 630,000 bpd from July, yet still roughly 5 million bpd below pre-war February levels, OPEC data shows. About 2 million bpd of output cuts remain in place covering most members. OPEC+ had 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. A separate Joint Ministerial Monitoring Committee (JMMC), which does not decide policy, also meets on Sunday to review the market.
Sources:
Reuters — OPEC+ agrees in principle to keep November oil output targets steady, sources say
theedgemalaysia — OPEC+ agrees in principle to keep November oil output targets steady, sources say
