OPEC+ Maintains November Oil Production Targets Amid Disruptions

OPEC+ has decided to maintain its current oil production targets for November 2024, despite earlier plans to gradually increase output through 2026. The decision comes amid ongoing supply disruptions in the Middle East and a delayed review of OPEC+'s output capacity.

The seven core members of OPEC+, which include Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, will continue pumping at their current levels of around 25 million barrels per day. This is still 5 million barrels below prewar levels in February, but up from July's output.

The ongoing U.S.-Israeli conflict with Iran has reduced exports to between 60% and 80% of normal levels, further complicating the situation. The delay in OPEC+'s output capacity review means that quota changes are unlikely before 2027.