OPEC+ Set to Hold Line on Oil Output Targets Despite Pre-War Shortfalls

OPEC+ is likely to maintain its oil output targets for November at their current level when the group meets on Sunday, according to two sources familiar with the matter. The seven core OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, have been steadily increasing production but are still pumping below pre-war levels.

The group has been gradually unwinding its 1.65 million barrel per day supply cut first agreed in 2023, which was completed in September. However, Gulf producers are struggling to meet their quotas due to disruptions caused by the Iran war.

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