OPEC+ keeps oil output targets steady for November

OPEC+ agreed in principle to keep oil production targets steady for November, according to three sources close to the matter cited ahead of the group's meeting on Sunday, October 4, 2026. The alliance has raised output targets through much of 2026 after years of cuts, but most increases have remained on paper.

Persian Gulf producers in the cartel have pumped well below targets because of export disruptions linked to the war involving the United States, Israel, and Iran. Exports have fluctuated between 60% and 80% of normal levels in recent months. The group still maintains roughly 2 million barrels per day in active output cuts across most members.

Data from the organization show that seven core members produced 25 million barrels per day in August, up by 630,000 barrels per day from July. However, that total remained roughly 5 million barrels per day below pre-war levels recorded in February. The seven core members are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

The conflict has also delayed the group's production capacity review, which is required to determine output quotas for 2027. Industry sources stated that production changes are unlikely before 2027. The Joint Ministerial Monitoring Committee (JMMC), which does not set policy, also met on Sunday alongside the core group.