OPEC+ to Hold Steady on November Oil Output Targets

OPEC+ is preparing to maintain its current oil production targets for November, according to three sources familiar with the discussions. The decision comes ahead of the group’s scheduled meeting on Sunday, where core members including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman will gather.

The Gulf OPEC+ producers have been operating significantly below their output targets due to ongoing export disruptions caused by the US-Israeli war on Iran. Exports have varied between 60-80% of normal levels in recent months, impacting overall production.

The conflict has also delayed a crucial output capacity review, which is necessary to determine 2027 production quotas. Industry sources indicate that the uncertainty surrounding future production potential has made it difficult to proceed with the review.

Despite raising output targets throughout much of 2026, most of these increases have remained theoretical due to the Middle East conflict. In August, the seven core OPEC+ members pumped 25 million barrels per day (bpd), an increase of 630,000 bpd from July, but still about 5 million bpd below prewar levels from February.

The group currently has around 2 million bpd of output cuts in place, covering most members. Without a capacity review, any changes to output levels are unlikely before 2027.