OPEC+ Maintains Oil Output Amid Middle East Security Concerns

Key members of OPEC+ have decided to maintain their current oil production levels for November, despite ongoing security concerns in the Middle East. The group, which includes Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, made this decision during a meeting on Sunday. These seven nations collectively produced 25 million barrels per day in August, an increase of 630,000 barrels per day from July, though still 5 million barrels per day below prewar levels in February.

The next OPEC+ meeting is scheduled for November 1. The organization still has about 2 million barrels per day of output cuts in place, with any changes to production levels unlikely before 2027. A separate ministerial group, the Joint Ministerial Monitoring Committee (JMMC), also convened to review market conditions.

While OPEC+ has been raising output targets for much of 2026, many of these increases have remained on paper due to the Middle East conflict. Gulf producers have been operating below their targets amid export disruptions from the US-Israeli war on Iran, with exports fluctuating between 60% and 80% of normal levels. However, major Middle East producers have managed to restore crude supplies to prewar levels, though physical markets still indicate tight supply conditions.