OPEC+ Core Members Hold November Oil Output Targets Steady
The seven core members of the OPEC+ alliance have decided to keep their oil production targets for November unchanged, maintaining supply levels amid global economic uncertainties and ongoing Middle East disruptions. The group, which includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, reaffirmed its commitment to the Declaration of Cooperation to stabilize international crude markets.
The Joint Ministerial Monitoring Committee highlighted the need to protect maritime routes to ensure uninterrupted energy flow. It also expressed concerns over attacks on energy infrastructure, noting that repairing damaged assets is costly and time-consuming, impacting overall supply.
Market conditions remain tight, with Brent crude holding above US$100 per barrel. Prices briefly dipped after European leaders agreed to release strategic diesel reserves at the request of US President Donald Trump, but supply constraints continue to support high energy costs. The ongoing conflict has delayed a critical OPEC+ capacity review needed to set member production quotas for 2027.
The alliance members will continue monitoring global energy dynamics and meet for their next monthly policy review on November 1.