Key facts
- OPEC+ oil-producing countries are likely to keep their oil production targets steady for November.
- The decision is expected when the group meets on Sunday.
- Seven core OPEC+ members will attend the online meeting: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.
- Gulf producers are boosting exports despite disruptions caused by the Iran war.
- Most OPEC+ members are still pumping below their output targets.
- OPEC+ has about 2 million bpd in production cuts remaining through the end of 2026.
OPEC+ oil-producing countries are likely to maintain their current oil production targets for November when they convene on Sunday, according to two sources familiar with the matter. The decision is expected from an online meeting of seven core OPEC+ members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.
This comes as Gulf members have been boosting exports, which have been disrupted for months by the Iran war, although most are still pumping well below their output targets. OPEC+ comprises the Organization of the Petroleum Exporting Countries and allies including Russia.
The group has been raising its output targets for most of the year but kept them steady for October. In September, OPEC+ completed the phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023. Reuters reported in July that OPEC+ was likely to make no changes to its targets during the fourth quarter as it turns its focus to 2027 quota negotiations.
OPEC data showed the seven core OPEC+ producers produced 25.0 million barrels per day in August, up 630,000 bpd from July, yet still roughly 5 million bpd below pre-war levels in February. OPEC+ still has one more layer of production cuts of about 2 million bpd covering most members through the end of 2026.
The group needs to finalize a review of members' production capacity before setting 2027 baselines that will determine future quotas and shape plans to unwind those cuts, sources have said. U.S. consultant DeGolyer and MacNaughton is expected to submit its report on capacity soon. A separate OPEC+ ministerial group called the Joint Ministerial Monitoring Committee (JMMC), which does not decide policy, also meets on Sunday to review the market.