OPEC+ set to keep November oil output targets steady, sources say
The cartel has been pumping well below its targets amid the war in Iran.
Oil-producing nations belonging to OPEC+ are set to maintain their November output targets unchanged, according to three sources familiar with the matter. The group's meeting is scheduled for October 4. The members, including Gulf nations, have been producing oil well below targets due to ongoing export disruptions stemming from the US-Israeli conflict with Iran.
This conflict has also delayed the group's capacity review, which is crucial for determining members' 2027 output quotas. The uncertainty surrounding future production potential has prevented OPEC+ from making any adjustments to the output targets set for much of 2026, despite numerous increases that remained on paper due to the conflict.
In August, the seven core OPEC+ members produced 25 million barrels per day, a 630,000 barrel increase from the previous month but still 5 million barrels below pre-war levels in February. The group currently has about 2 million barrels of output cuts in place for most members. The capacity review is expected to take place before 2027, following a meeting scheduled for October 4 by the group's seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.
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