OPEC+ Holds Steady on Output Targets Amid Ongoing Disruptions

OPEC+ oil producers are set to keep their output targets steady for November at an upcoming meeting on Sunday, according to sources.

The group has been raising its production targets for most of the year but kept them steady for October. In September, it completed a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023.

Gulf members have been boosting exports that were disrupted by the Iran war, although they are still pumping below their output targets. The seven core OPEC+ producers produced 25.0 million barrels per day in August, up 630,000 bpd from July but still roughly 5 million bpd below pre-war levels in February.