OPEC+ Set to Keep Output Targets Steady as Global Demand Rises

OPEC+ oil producers are set to maintain their current output targets when they meet on Sunday, according to sources. The seven core members of OPEC+, including Saudi Arabia, Russia, and Iraq, will discuss production levels as global demand begins to rise.

The group has been gradually increasing its output targets throughout the year but kept them steady for October. This month marks a 1.65 million-barrel-per-day supply cut rollback that was agreed upon in 2023.

Gulf producers have been boosting exports, which were disrupted by the Iran war, although most are still pumping below their quotas. OPEC data shows that the seven core members produced 25.0 million barrels per day in August, a slight increase from July but still 5 million barrels below pre-war levels.

The meeting comes as OPEC+ prepares to finalize its review of member production capacity before setting 2027 baselines, which will determine future quotas and shape plans to unwind existing cuts. U.S. consultant DeGolyer and MacNaughton is expected to submit its report on capacity soon.