OPEC+ Maintains November Oil Output Targets Amid Market Uncertainty
OPEC+, comprising seven core members including Saudi Arabia, Russia, and Iraq, decided to keep oil production targets unchanged for November during a virtual meeting. This decision aligns with expectations that no major policy adjustments will occur until next year due to ongoing export disruptions from the U.S.-Israeli war on Iran. Despite rising flows through the Strait of Hormuz, Gulf OPEC+ producers have been pumping well below their output quotas—60% to 80% of normal levels in recent months. Analysts note that while production targets are increasing on paper for much of 2026, actual output has not kept pace due to conflict-related disruptions. OPEC+ still holds about 2 million barrels per day (bpd) of cuts and awaits the outcome of a capacity review before making further decisions. The group plans its next meeting in November.
Topics: energy markets geopolitical impact oil OPEC+