OPEC+ Sticks to November Oil Output Targets Amid Gulf Export Surge

OPEC+ is expected to maintain its oil production targets unchanged for November, according to two sources familiar with the matter.

The alliance's meeting on Sunday will bring together seven key members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

In August, these seven core members produced around 25 million barrels per day, an increase of about 630,000 barrels per day from July. However, output remains below pre-war levels recorded in February by approximately 5 million barrels per day.

OPEC+ has been gradually unwinding a 1.65 million-barrel-per-day supply cut introduced in 2023, with the latest phase completed in September.