OPEC+ Agrees to Keep November Oil Output Targets Steady
OPEC+ has been raising output targets for much of 2026 after years of production cuts, but most of the increases stayed on paper.
OPEC+ maintained November oil production targets during a Sunday meeting, following expectations that no further adjustments would be made until the following year. The seven core members, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, decided on the steady production levels for the month. Gulf OPEC+ producers have been pumping well below targets due to export disruptions caused by the U.S.-Israeli war on Iran, with exports fluctuating between 60% to 80% of normal levels recently.
UBS analyst Giovanni Staunovo stated that despite increased oil flows through the Strait of Hormuz, production levels remain significantly below quota, resulting in a tight oil market. The Iran war has hindered the group's capacity review process, which is essential to determine members' 2027 output quotas, as it has introduced uncertainty into future production potential estimates.
OPEC+ had been gradually raising output targets throughout 2026 after years of production cuts, but most of the increases remained on paper due to the Middle East conflict. In August, the seven core OPEC+ members pumped 25 million barrels per day, a 630,000 bpd increase from July, yet still roughly 5 million bpd below pre-war levels in February.
Currently, OPEC+ still has about 2 million bpd of output cuts in place covering most members, and any changes to output are unlikely before 2027.
Written by urgent.news from The Moscow Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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