OPEC+ to Maintain Unchanged Oil Production Quotas for November

OPEC+ producers are expected to maintain their current crude oil output quotas unchanged for November at an upcoming meeting, according to anonymous sources. The Gulf producers have been producing and exporting lower volumes since the Iran war disrupted traffic through the Strait of Hormuz.

In September, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman decided to keep their October production quotas at the same level as September 2026, after unwinding a total of 1.65 million barrels per day of collective cuts that began in 2023.

OPEC+ has been raising nominal production quotas for most of this year, but actual supply has been below required levels due to the Middle East conflict. The producer group appears to have shifted its focus to debating and discussing the 2027 quotas, which will be used as a baseline for any future cuts.