Opec+ Stays Put Amid Iran War Disruptions
Opec+ is likely to maintain its oil production targets for November amid ongoing disruptions caused by the US-Israeli war on Iran. Three sources close to the matter have revealed that Gulf Opec+ producers are struggling to meet output targets, pumping at just 60-80% of normal levels in recent months.
The war has also delayed a crucial capacity review, which is necessary for determining members' 2027 output quotas. Industry insiders have noted that estimates of future production potential have been thrown into uncertainty due to the conflict.
Opec+ has been gradually raising its output targets this year after years of production cuts, but most increases remain on paper due to the Middle East conflict. The seven core Opec+ members pumped 25 million barrels per day in August, still roughly 5 million bpd below pre-war levels in February.
The group's seven core members are set to meet on Sunday to discuss their output targets for November. Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman will be among those attending the meeting.