Key Takeaways
- OPEC+ agreed to maintain oil production targets for November.
- The decision was made at a brief online meeting on Sunday.
- Output levels remain below quota due to ongoing export disruptions.
OPEC+ has decided to keep its oil production targets steady for November, in line with market expectations, according to a statement from the producer group.
The decision was made at a brief online meeting on Sunday, involving seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.
Despite rising oil flows through the Strait of Hormuz, output levels remain well below quota, according to UBS analyst Giovanni Staunovo.
The Iran war has significantly impacted oil exports, with Gulf OPEC+ producers pumping at 60% to 80% of normal levels in recent months.
Brent crude prices remain above USD100 a barrel, up from about USD73 before the Iran war started in late February.
OPEC+ has been raising output targets for much of 2026 after years of production cuts, but most of these increases have stayed on paper due to the Middle East conflict.
In August, the seven core OPEC+ members pumped 25 million barrels per day, up 630,000 bpd from July, yet still roughly 5 million bpd below pre-war levels in February.
The group's next meeting is scheduled for November 1, and it still has about 2 million bpd of output cuts in place, covering most members.
A separate OPEC+ ministerial group, the Joint Ministerial Monitoring Committee (JMMC), also met on Sunday to review the market.
