OPEC+ Keeps November Oil Output Targets Unchanged
OPEC+ has decided to keep its oil production targets unchanged for November 2026, indicating no major policy shifts before next year. The decision came after a brief virtual meeting on Sunday involving the seven core members of the alliance, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.
The move was expected by the market as the group continues to assess global supply conditions and geopolitical impacts on crude exports. Analysts note that despite recent improvements in oil shipments through the Strait of Hormuz, production remains below agreed quotas due to disruptions from the US-Israeli conflict with Iran.
UBS analyst Giovanni Staunovo commented that while the group kept production ceilings unchanged, output levels remain below quota. He added that the oil market remains tight. Oil prices retreated on Friday after European leaders agreed to release diesel reserves at the request of US President Donald Trump to ease supply pressures. Despite the decline, Brent crude continues to trade above $100 per barrel, compared to about $73 before the Iran conflict in late February.
OPEC+ has gradually increased production targets throughout 2026, but much of the planned increase has not materialized due to ongoing Middle East conflicts. OPEC data shows that the seven core producers pumped about 25 million barrels of crude oil per day in August, an increase of 630,000 barrels per day from July. However, production remains approximately five million barrels per day below pre-conflict levels.
The alliance is expected to review its production strategy again when the seven core members meet on November 1.