Opec+ set to keep November oil output targets steady amid Iran war disruptions: sources
Gulf members’ output remains far below levels before Iran war
Opec+ is poised to maintain oil production targets steady for November, despite ongoing disruptions caused by the US-Israeli war on Iran, according to three sources familiar with the matter. Gulf Opec+ producers have been pumping far below expected output levels due to these export disruptions, with recent monthly exports fluctuating between 60-80 percent of normal.
The conflict has also delayed the group's capacity review, which is essential for determining members' 2027 output quotas, as it has introduced uncertainty into estimates of future production potential. The Opec+ coalition, consisting of the Organization of the Petroleum Exporting Countries and allies including Russia, has tentatively agreed to keep targets unchanged for November.
Although Opec+ has been gradually raising output targets throughout 2026 following years of production cuts, most of these increases have 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 barrel per day increase from the previous month, yet they were still approximately 5 million barrels per day below pre-war levels from February, according to Opec data.
The group currently maintains about 2 million barrels per day of output cuts, covering most members, and a capacity review is necessary to decide how to distribute any increases and any adjustments to output are unlikely before 2027. The core group meeting on Sunday comprises Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
