OPEC+ agrees in principle to keep oil output targets unchanged in November, delegate says
The OPEC+ oil producer group has agreed in principle to keep output targets unchanged in November
Major oil-producing nations within OPEC+ are anticipated to maintain oil production quotas unchanged in November, as the ongoing conflict in the Middle East continues to limit output from several members, according to Bloomberg. A group of seven producers, led by Saudi Arabia and Russia, have reportedly reached an agreement in principle to uphold existing targets for the following month, following a video conference where the final decision is expected to be confirmed.
This move aligns with OPEC+'s existing production roadmap, as the alliance previously signaled that any further quota increases would be paused until the end of 2026. Oil prices have been edging back towards $100 per barrel, influenced by disruptions caused by the Iran war, with diesel prices also hitting record highs at the pump.
Supply pressures led the Group of Seven countries to announce the release of up to 100 million barrels of emergency oil and diesel stocks. OPEC+ previously agreed to a series of modest quota increases during the six months leading up to August, with the aim of reversing production cuts introduced in 2023. However, these increases have had a limited impact on global supply, given that the war has reduced production across the Persian Gulf.
Major OPEC members, such as Saudi Arabia, Iraq, and Kuwait, have seen their output remain significantly below pre-conflict levels. The disruption has also diminished the immediate significance of changes to the group's formal production targets. Gulf producers may have more room to increase actual output if regional conditions improve.
The alliance's focus is expected to shift towards addressing another layer of production that has been offline since 2022. The decision on restoring this supply will likely be influenced by an ongoing assessment of members' production capacity, which will determine the distribution of future quotas across the group. OPEC+ ministers are set to meet on November 29 to finalize production policy for 2027.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
