OPEC+ to Maintain Stable Oil Production Targets for November
Written with artificial intelligence.
OPEC+ has tentatively agreed to keep oil production targets unchanged for November, according to sources close to the matter ahead of the group's meeting on Sunday. Ongoing export disruptions due to the conflict between the US, Israel, and Iran have led to production falling significantly below targets.
OPEC+ Production Targets Remain Steady
OPEC+ has reached a preliminary agreement to maintain stable oil production targets for November, as reported by three sources familiar with the discussions before the group's upcoming meeting on Sunday.
The oil producers in the Gulf region have been producing well below their targets due to ongoing interruptions in exports, which have fluctuated between 60% and 80% of normal levels in recent months, stemming from the conflict involving the US, Israel, and Iran. This situation has also delayed the review of the group's production capacity, which is essential for determining member quotas for 2027, as uncertainties about future production potential persist.
Despite raising production targets throughout 2026 after years of cuts, most of these increases have not been realized due to the ongoing conflict in the Middle East. In August, the seven main OPEC+ members collectively produced 25 million barrels per day, an increase of 630,000 barrels per day from July, yet still about 5 million barrels per day below pre-war levels in February.
Currently, OPEC+ has around 2 million barrels per day in production cuts in effect, impacting the majority of its members. A review of production capacity is needed to determine how to allocate any potential increases, and any changes in production are unlikely before 2027. The key members meeting on Sunday include Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, along with a separate ministerial group within OPEC+ that does not set policies, known as the Joint Ministerial Monitoring Committee (JMMC).