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OPEC+ Agrees in Principle to Hold November Oil Targets Steady
OPEC+ is a group of countries that produce oil.
Sources say the group plans to keep its oil production targets the same for November.
Some members have been producing less oil than their targets.
The article says war-related export disruptions have contributed to this.
Seven core members produced more oil in August than in July.
But their combined output was still well below its February level before the war.
OPEC+ also has production cuts in place for many members.
The group’s review of how much each member could produce has been delayed.
Changes to targets are unlikely before 2027, according to sources cited in the article.
Three sources said OPEC+ agreed in principle to keep November oil production targets unchanged.
The decision was expected ahead of the group’s meeting on Sunday, October 4, 2026.
Gulf producers have pumped below their targets amid export disruptions linked to the US-Israeli war on Iran.
The seven core members produced 25 million barrels per day in August, 630,000 bpd more than in July.
August output remained about 5 million bpd below February prewar levels, while roughly 2 million bpd of cuts remain in place.
- Who
- OPEC+, including its seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
- What
- The group agreed in principle to keep November oil production targets unchanged.
- Where
- The article does not specify where the meeting will take place.
- When
- Ahead of the group’s meeting on Sunday, October 4, 2026.
- Why
- Gulf producers are pumping below targets amid export disruptions, and uncertainty has delayed the review used to determine future output quotas.
Reported Agreement
Unresolved Constraints
November production targets
Reported Agreement
Three sources close to the talks said OPEC+ had agreed in principle to keep targets unchanged.
Unresolved Constraints
The agreement was described as being in principle ahead of the meeting; the article does not report a final formal decision.
Output increases
Reported Agreement
OPEC+ has raised targets during 2026 after years of production cuts.
Unresolved Constraints
Most increases remained on paper because of the Middle East conflict and export disruptions, while actual output stayed below prewar levels.
Key facts
- Proposed November targets
- Unchanged, in principle
- OPEC+ meeting
- Sunday, October 4, 2026
- Seven core members’ August output
- 25 million barrels per day
- Change from July
- Up 630,000 barrels per day
- Gap from February prewar output
- About 5 million barrels per day below
- Production cuts still in place
- About 2 million barrels per day, covering most members
- Expected timing of output changes
- Unlikely before 2027, according to sources
Sources
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