OPEC+ Maintains Oil Production Targets Amid Ongoing Middle East Conflict

OPEC+ countries have agreed to maintain oil production targets for November at current levels. According to three sources familiar with the matter, this decision was made in light of export disruptions caused by the ongoing conflict between the US and Israel against Iran.

These disruptions have led to significantly reduced exports from OPEC+ producers in the Persian Gulf, amounting to only 60-80% of their usual level. The group, which includes Russia, had previously increased production targets throughout most of 2026 after years of cuts.

However, most of these increases remained on paper due to the conflict. In August, the seven key OPEC+ members produced 25 million barrels of oil per day, a slight increase from July but still approximately 5 million barrels less than in February before the war began.