OPEC+ Holds Fire on November Oil Output Targets Amid Ongoing Disruptions

OPEC+ decided to keep November's oil production targets unchanged due to ongoing disruptions in Middle East exports and crude prices hovering above $100 a barrel. The decision was made by a sub-group of seven key producers during an online meeting, in line with market expectations that the alliance would hold policy steady until next year.

The Joint Ministerial Monitoring Committee expressed concern over attacks on energy infrastructure and threats to international shipping routes. Oil prices fell after the G7 nations agreed to release diesel reserves, but benchmark Brent crude has since moved back above $100 a barrel.

Gulf producers have been pumping well below their quotas due to war-related disruptions, with exports fluctuating at roughly 60-80 per cent of normal levels in recent months. Around 2 million bpd of output cuts remain in place for most members, and any further changes to quotas are unlikely before 2027 pending the outcome of a delayed capacity review.