OPEC+ Set to Keep November Oil Output Targets Steady, Sources Say
OPEC+ has been raising output targets for much of 2026 after years of production cuts, but most of the increases stayed on paper.
OPEC+ is expected to maintain oil output targets for November, according to three sources familiar with the discussions. The group, consisting of OPEC members and allies like Russia, has not yet decided on the details of the meeting scheduled for Sunday. Gulf OPEC+ producers have been producing below targets due to disruptions from the U.S.-Israeli war on Iran, with exports currently at 60-80% of normal levels.
This situation has delayed the group's capacity review, which is essential for determining members' 2027 output quotas. Despite raising targets throughout 2026, most of the increases remained on paper due to the ongoing conflict. In August, the seven core OPEC+ members produced 25 million barrels per day, a slight increase from July but still 5 million barrels per day below pre-war levels in February.
Currently, OPEC+ has 2 million barrels per day of output cuts in place. The group's members, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, will meet on Sunday to discuss future actions.
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