OPEC+ Set to Maintain Output Targets Amid Ongoing Disruptions

OPEC+ oil producers are likely to keep their output targets steady for November at an upcoming meeting, according to two sources familiar with the matter.

The group, which includes Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, will meet online on Sunday. No final decision has been made yet, but insiders suggest that production levels may remain unchanged.

OPEC+ has been gradually increasing its output targets throughout the year, but kept them steady for October. In September, it rolled back a 1.65 million-barrel-per-day supply cut agreed upon in 2023.

The disruption caused by the Iran war has led to Gulf producers falling short of their quotas, with OPEC data showing that the seven core OPEC+ producers produced 25.0 million barrels per day in August, down roughly 5 million barrels from pre-war levels in February.