OPEC+ set to keep November oil output targets steady, sources say

The Organisation of the Petroleum Exporting Countries and allied oil producers, known as OPEC+, is expected to maintain its oil production targets for November, according to three sources familiar with the matter. Gulf OPEC+ producers have been producing at significantly reduced levels, with exports fluctuating between 60-80% of normal due to disruptions caused by the US-Israeli war on Iran.

The conflict has also delayed the group's capacity review, which is essential for determining members' 2027 output quotas, as it has introduced uncertainty regarding future production potential. OPEC+, which includes the Organization of the Petroleum Exporting Countries and partners such as Russia, has agreed in principle to keep the November targets unchanged.

Despite raising output targets for much of 2026 following years of production cuts, most of these increases have remained on paper due to the ongoing Middle East conflict. In August, the seven core OPEC+ members produced 25 million barrels per day, a 630,000 barrel increase from July but still 5 million barrels below pre-war levels in February.

OPEC+ currently maintains about 2 million barrels of output cuts, affecting most members. The group's seven core members will meet on Sunday, comprising Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.