OPEC+ Keeps Oil Output Levels Unchanged for November

OPEC+ countries have agreed to keep oil output levels unchanged for November, marking the second consecutive month of no changes. The decision was made after a virtual meeting of member countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, to review global market conditions and economic outlook.

The seven participating countries decided to maintain September 2026's required production levels for November 2026, according to OPEC. This decision comes after the countries had been increasing oil output on a monthly basis from April to September this year. In October, they paused their oil output increases.

Gulf OPEC+ producers have been pumping below target levels due to ongoing export disruptions caused by the US-Iran war, with exports fluctuating at 60-80 percent of normal levels in recent months. The countries will hold a next meeting on November 1 to review market conditions and make further decisions.