OPEC+ to Maintain November Oil Output Targets Amid Production Disruptions
OPEC+ has agreed in principle to keep its oil production targets unchanged for November, according to three sources ahead of the group's meeting on Sunday. The decision comes as Gulf OPEC+ producers have been pumping well below their output quotas due to ongoing export disruptions caused by the US-Israeli war on Iran. Exports from these regions are currently operating at 60-80% of normal levels, and this conflict has also delayed a crucial review for determining members' 2027 production quotas. OPEC+ had been increasing output targets throughout much of 2026 after years of cuts; however, most increases remained on paper due to the ongoing Middle East conflict. In August, core OPEC+ members produced 25 million barrels per day—up from July but still about five million below prewar levels in February. The group maintains around two million bpd of output reductions and is expected to finalize any changes only after a capacity review likely delayed until early 2027.
Topics: Middle East conflict oil production OPEC+ output targets