OPEC+ has agreed to keep its November oil production targets unchanged, as disruptions linked to the conflict in the Middle East continue to limit actual output from several major producers.
The decision was reached on Sunday, October 4, by seven core members of the group: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. The move means OPEC+ is unlikely to make another major adjustment to its production policy before next year.
Despite earlier increases in production targets during 2026, actual output remains well below pre-war levels. The seven core members produced about 25 million barrels per day in August, an increase of 630,000 barrels per day from July but still roughly 5 million barrels per day below February levels.
Gulf producers have also faced continuing export disruptions, with shipments reportedly running at between 60 per cent and 80 per cent of normal levels in recent months. Flows through the Strait of Hormuz have improved, but supply remains constrained.
The conflict has also delayed OPEC+’s capacity review, which is needed to determine members’ 2027 production quotas. The group still has about 2 million barrels per day of output cuts in place for most members.
With Brent crude still trading above $100 a barrel, the decision to hold targets steady keeps the oil market under pressure as traders monitor supply disruptions and the security of major shipping routes.
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