4 hrs ago
OPEC+ likely to keep oil output targets unchanged
OPEC+ is a group of countries that produce oil.
Its seven core members are expected to keep their November oil targets the same.
They will discuss this at an online meeting on Sunday.
Two sources said this was likely, but they warned that no final decision had been made.
The countries produced more oil in August than in July.
However, they were still producing about 5 million barrels less per day than before the conflict began.
Some production cuts are still scheduled to continue through the end of 2026.
The group is also preparing to decide how much oil each member may produce in 2027.
OPEC+ is expected to leave November crude production targets unchanged at Sunday’s online meeting.
The seven core members are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
The group’s core producers pumped 25.0 million barrels per day in August, up 630,000 from July.
Their August output remained about 5 million barrels per day below February levels before the conflict began.
OPEC+ is shifting attention toward production-capacity reviews and quotas for 2027.
- Who
- OPEC+’s seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
- What
- The group is expected to keep November oil production targets unchanged.
- Where
- The meeting will be held online.
- When
- The decision is expected at an online meeting on Sunday.
- Why
- Most core members remain below their assigned production quotas, while OPEC+ prepares for a capacity review and negotiations over 2027 quotas.
Key facts
- Expected decision
- November crude production targets likely to remain unchanged
- Meeting
- Online meeting of OPEC+’s seven core members on Sunday
- August output
- 25.0 million barrels per day
- Monthly increase
- August output rose 630,000 barrels per day from July
- Shortfall
- August output was roughly 5 million barrels per day below February levels
- Remaining cuts
- About 2 million barrels per day of cuts remain through the end of 2026
- Upcoming review
- DeGolyer and MacNaughton is expected to submit a production-capacity report soon
Sources
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