OPEC+ agrees to keep November oil targets steady amid market uncertainty

OPEC+ has reportedly agreed in principle to keep its November oil production targets unchanged ahead of the group’s meeting scheduled for Sunday. According to reports, Gulf OPEC+ producers have been operating well below target due to ongoing export bottlenecks caused by the US-Israeli war with Iran with exports fluctuating at 60-80% of normal levels in recent months.

The geopolitical tensions have also delayed the productivity evaluation review essential for reviewing members; 2027 output quotas because they have clouded future production outlooks.

A source close to the talks said that the OPEC+ group including the Organization of the Petroleum Exporting Countries and allies including Russia concurred in theory to maintain baseline objectives.

OPEC+ has been raising output targets for much of the year 2026 following years of production cuts but most of the increases stayed on paper due to the Middle East conflict.

According to OPEC data, the seven core OPEC+ members’ output reached 25 million barrels per day in August, though it was still roughly 5 million bpd below prewar levels in February. There are almost 25 million bpd of output cuts in place covering most members but a workload assessment is needed to determine how to allocate rises and structural adjustments and any changes to output are unlikely before 2027. Furthermore, the group’s seven core members meeting on Sunday include Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.