OPEC+ Holds Firm on November Oil Quotas Amid Strait of Hormuz Disruptions

OPEC+ producers are expected to maintain their November oil production quotas at current levels following a meeting this weekend, according to anonymous sources.

The decision is seen as an attempt to stabilize supply amid ongoing disruptions in the Middle East, particularly through the Strait of Hormuz. Since March, OPEC+ quotas have largely become meaningless due to the conflict's impact on shipping and production.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held their September 2026 production targets steady for October, unwinding a combined 1.65 million barrels per day of collective cuts initiated in 2023. Despite increased nominal quotas through most of this year, actual supply has fallen short due to the conflict.