Archive · 4 Oct 2026
OPEC+ Set to Keep November Oil Production Quotas Steady
OPEC+ is a group of countries that produce oil.
Delegates and other sources say it plans to keep November oil production targets the same.
The plan is expected to be finalized at a video meeting on October 4.
War-related disruptions have made it harder for some Gulf members to export oil.
Seven core members produced more oil in August than in July.
Their total was still about 5 million barrels a day below February’s prewar level.
OPEC+ still has about 2 million barrels a day in cuts covering most members.
A review that could help set future quotas has been delayed, and sources say changes are unlikely before 2027.
OPEC+ delegates and sources said the group has agreed in principle to keep November oil production targets unchanged.
The seven core members are expected to finalize the plan during a video conference on Sunday, October 4, 2026.
Gulf producers’ exports have fluctuated at 60% to 80% of normal levels amid disruptions linked to the war on Iran.
The seven core members produced 25 million barrels per day in August, up 630,000 from July but about 5 million below February prewar levels.
A capacity review affecting future quotas has been delayed, and sources said output changes are unlikely before 2027.
- Who
- OPEC+, including seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
- What
- The group has agreed in principle to keep November oil production targets unchanged, with formalization expected at its meeting.
- When
- The meeting is scheduled for Sunday, October 4, 2026.
- Where
- By video conference.
- Why
- The group had signaled a pause in quota increases, while conflict-related output and export disruptions and uncertainty around a capacity review complicate production planning.
- Proposed November targets
- Unchanged in principle; delegates said the agreement would be finalized at the meeting
- Meeting date and format
- Sunday, October 4, 2026; video conference
- Seven core members’ August output
- 25 million barrels per day
- Change from July
- Up 630,000 barrels per day
- Output gap from February prewar levels
- About 5 million barrels per day below
- Gulf producers’ recent export levels
- Fluctuated at 60% to 80% of normal levels
- Output cuts still in place
- About 2 million barrels per day, covering most members
- Potential timing of output changes
- Unlikely before 2027, according to sources
