OPEC+ Holds Firm on November Oil Production Targets

OPEC+, the coalition of oil-producing nations, has decided to maintain its current production targets for November. The group's seven core members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, confirmed this during a brief virtual meeting on Sunday. The move aligns with market expectations, as supply disruptions in the Middle East continue to limit actual output, keeping it well below the agreed quotas.

Despite rising oil flows through the Strait of Hormuz, exports from Gulf producers have remained between 60% and 80% of normal levels in recent months. This has contributed to a tight oil market, with Brent crude prices staying above $100 per barrel, up from around $73 before the Iran war began in late February. Prices dipped on Friday following the announcement that European leaders would release diesel reserves at the request of US President Donald Trump.

The conflict in the Middle East has delayed OPEC+'s review of production capacities, which is crucial for setting output quotas for 2027. The uncertainty around future production potential has made it difficult to assess how to distribute any increases in output among members. As a result, further changes to production policy are unlikely before 2027, according to industry sources. The seven core members are set to meet again on November 1.