OPEC+ Holds November Oil Production Targets Unchanged Amid Middle East Conflict

OPEC+ has decided to maintain its current oil production targets for November, citing ongoing supply constraints due to the Middle East conflict. The coalition, led by Saudi Arabia and Russia, announced the decision after a monthly video conference on Sunday. Oil prices have been climbing back toward $100 per barrel, while diesel costs have reached record highs, prompting Group of Seven nations to tap into emergency stockpiles.

The production freeze aligns with OPEC+’s earlier plan to pause quota increases until the end of 2023. The group had implemented modest hikes over the past six months, but these were largely symbolic due to the Iran war’s impact on Persian Gulf output. Key producers like Saudi Arabia, Iraq, and Kuwait are still operating well below pre-conflict levels.

The seven-nation sub-group will reconvene online on November 1 to finalize December’s production plans. Meanwhile, OPEC+’s Joint Ministerial Monitoring Committee expressed concern over attacks on energy infrastructure, emphasizing their disruptive effect on market stability. The alliance’s next major decision will involve restoring output that was halted in 2022, a process complicated by an ongoing audit of members’ production capacities.

Policy for 2024 will be finalized at a full ministerial meeting on November 29, with the JMMC holding its next session the same day.