OPEC 7 Confirm November Production Levels Unchanged

OPEC's seven key members, including Saudi Arabia, Russia, and Iraq, have outlined their production plans for November. In a virtual meeting on Sunday, the group reaffirmed their commitment to maintaining market stability. They decided to keep their September 2026 production targets unchanged for November 2026, with Saudi Arabia leading at 10.478 million barrels per day and Russia at 9.949 million barrels per day.

The group, which includes Iraq, Kuwait, Kazakhstan, Algeria, and Oman, also emphasized their collective adherence to the Declaration of Cooperation. A table released alongside the statement detailed each country's required production levels for November, which remained consistent with October's figures.

Separately, the Joint Ministerial Monitoring Committee (JMMC) held its 68th meeting, highlighting concerns over attacks on energy infrastructure and the importance of secure maritime routes for energy supply. The committee reviewed production data for July and August 2026 and reaffirmed its monitoring role under the Declaration of Cooperation.

Market analyst Naeem Aslam noted that oil prices are caught between geopolitical tensions and easing supply constraints. He pointed out that while global oil production fell in the previous month, weaker demand expectations are limiting price increases. The next JMMC meeting is scheduled for November 29.