Opec+ Oil Producers to Maintain Output Targets Amid Disruptions

Opec+ oil producers are set to maintain their current production targets for November, according to two sources familiar with the matter. The online meeting of seven core Opec+ members on Sunday comes as Gulf producers have been increasing exports disrupted by the Iran war.

The group has been gradually raising output targets throughout the year but kept them steady for October. In September, they completed a phased rollback of a 1.65 million-barrel-per-day supply cut agreed in 2023.

Opec+ still needs to finalize a review of members' production capacity before setting 2027 baselines that will determine future quotas and guide plans to unwind existing cuts. US consultant DeGolyer and MacNaughton is expected to submit its report on capacity soon.