OPEC+ agreed not to change oil production targets in November

OPEC+ countries have agreed to keep oil production targets for November unchanged. Reuters reports this, citing three sources familiar with the matter, UNN reports.

Details

According to available information, OPEC+ producers in the Persian Gulf are producing significantly below the established targets due to export disruptions caused by the war waged by the United States and Israel against Iran. In recent months, exports have amounted to 60–80% of their usual level.

The OPEC+ group, which comprises the Organization of the Petroleum Exporting Countries and its allies, including russia, has in principle agreed to keep its targets unchanged for November, three sources familiar with the talks said. OPEC+ had raised its production targets throughout most of 2026 after years of production cuts, but most of the increases remained on paper because of the conflict in the Middle East

According to available information, in August the seven key OPEC+ members produced 25 million barrels of oil per day. This is 630,000 barrels more than in July, but approximately 5 million barrels less than in February, before the war began.

OPEC+ still has production cuts of approximately 2 million barrels per day, involving most member countries. It needs a capacity review to decide how to allocate increases in output, and any production changes are unlikely before 2027, the sources said. The group’s seven key members will meet at 11:00 GMT on Sunday: Saudi Arabia, russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman

Reminder

russia’s oil export revenues fell to their lowest level since the beginning of the war due to an oversupply on the global market. The IEA forecasts that overproduction will persist even as demand grows in 2025.