OPEC+ Keeps November Oil Output Targets Unchanged Amid Market Uncertainty

OPEC+ has decided to maintain its current oil production targets for November, as announced after a brief online meeting on Sunday. The seven core members of the group, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, confirmed the decision, which aligns with expectations that major policy adjustments are unlikely until next year.

Oil prices dipped on Friday following the release of diesel reserves by European leaders at the request of US President Donald Trump. Despite this drop, Brent crude remains above $100 per barrel, significantly higher than the $73 per barrel seen before the Iran war began in late February. The conflict has also delayed the group's output capacity review, which is essential for determining members' 2027 output quotas, due to uncertainties in future production estimates.

OPEC+ has been gradually increasing output targets throughout 2026, but most of these increases have remained theoretical due to the ongoing Middle East conflict. In August, the seven core members pumped 25 million barrels per day, an increase of 630,000 barrels per day from July, yet still about 5 million barrels per day below prewar levels. The group still has around 2 million barrels per day of output cuts in place, and any changes to these cuts are unlikely before 2027.

A separate OPEC+ ministerial group, the Joint Ministerial Monitoring Committee (JMMC), also met on Sunday to review the market. The next full meeting of OPEC+ is scheduled for November 1.