OPEC+ Considers Keeping November Oil Production Targets Unchanged

OPEC+ members are considering keeping their oil production targets unchanged for November, according to two sources familiar with the talks. The meeting will be held virtually and attended by seven key members of the alliance: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

The crude oil supply situation will also be discussed, as Gulf producers have increased their exports following disruptions related to the conflict with Iran. However, many members continue to produce below their official targets.

In August, the seven key producers of OPEC+ extracted around 25 million barrels per day, an increase of 630,000 barrels per day compared to July. Despite this recovery, production was still close to 5 million barrels per day below the levels recorded in February before the disruptions associated with the conflict.

OPEC+ has maintained additional cuts until 2026, and the next decisions will depend on the evolution of the oil market as well as the actual capacity of its members to increase production. The group is also working on setting future production quotas for 2027, which will be based on a review of its members' production capacity.