OPEC+ maintains steady oil output targets for November

The OPEC+ Joint Ministerial Monitoring Committee decided to maintain current oil production targets for November, as agreed during a virtual meeting on Sunday. The 68th meeting of the committee assessed the state of the oil market and reaffirmed the significance of the Declaration of Cooperation in stabilizing global energy markets.

The committee emphasized the need to safeguard international maritime shipping routes to ensure the uninterrupted flow of energy supplies. It also expressed concerns over attacks on energy infrastructure, highlighting the high costs and time required to restore damaged facilities to full operation, which could impact overall supply availability.

The panel reviewed crude oil production data for July and August 2026 and noted the adherence of OPEC members and participating non-OPEC countries to the Declaration of Cooperation. The committee reaffirmed its commitment to monitoring compliance with production adjustments agreed at the 38th OPEC and non-OPEC ministerial meeting held on Dec. 5, 2024.

The committee will continue to closely monitor market conditions and reserved the right to convene additional meetings or call for an OPEC and non-OPEC ministerial meeting as necessary. The next meeting, the 69th, is scheduled for Nov. 29.