OPEC+ Set to Hold Steady on Oil Production Targets Amid Iran Disruptions

OPEC+ oil producers are set to keep their output targets steady at their upcoming meeting on Sunday, according to two sources familiar with the matter. The seven core OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, will convene online as Gulf members continue to boost exports disrupted by the Iran war.

The group has been gradually increasing its output targets throughout the year but kept them steady for October. In September, it completed the phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023. OPEC+ is likely to make no changes to its targets during the fourth quarter as it focuses on 2027 quota negotiations.

The disruption caused by the Iran war has led Gulf producers to fall below their quotas, with OPEC data showing that the seven core OPEC+ producers produced 25.0 million barrels per day in August, up 630,000 bpd from July but still roughly 5 million bpd below pre-war levels in February.