Venezuela Stays Outside OPEC+ Quotas as Targets Hold
OPEC+ kept November oil targets unchanged on 4 October 2026. Venezuela is exempt from quotas, yet it sells into the price the group defends. The post Venezuela Stays Outside OPEC+ Quotas as Targets Hold appeared first on The Rio Times .
OPEC+ decided to keep its November oil output targets unchanged on October 4, 2026, marking the second consecutive month without an increase. The seven core members - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - agreed to maintain September 2026 required production for November 2026. This decision comes as Gulf oil exports are disrupted due to the ongoing war involving Iran.
The Strait of Hormuz, a crucial pathway for crude and liquefied natural gas, has been effectively closed since the conflict began. Venezuela, a founding OPEC member, does not have a production target to hold, as it's exempt from quotas under the Declaration of Cooperation. The exemption is due to sanctions and conflict disruptions that have hindered its output.
Despite this, Venezuela's exports to the United States fell to 553,000 barrels per day in August, down from a record 786,000 bpd in July, while exports to India rose by 66% and deliveries to Europe nearly tripled. However, tanker queues and terminal deterioration in Venezuela have caused operating strain. The combined target of the seven core members is about 31 million barrels per day, but actual pumping has been lower, with the seven countries pumping around 25 million bpd in August, compared to 630,000 bpd less in July and roughly 5 million bpd below February, before the Iran conflict began.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
