OPEC+ Keeps November Oil Output Targets Unchanged

OPEC’s seven core members agreed on Sunday, October 4, to keep oil production targets unchanged for November, the group said, leaving policy steady as members continue to face constraints on output and a review of future production capacity remains unfinished. The decision was made by Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman during an online meeting. Before the meeting, three sources close to the talks had said the group had agreed in principle to maintain November targets. A separate ministerial committee, the Joint Ministerial Monitoring Committee, also met to review the market but does not set production policy. The seven members produced 25 million barrels of oil per day in August, according to OPEC data cited in the reports. That was 630,000 barrels per day more than in July, but about 5 million barrels per day below February levels before the war in Iran began, the same data indicated. OPEC has been raising production targets through much of 2026 after years of cuts, but many planned increases have not translated into actual output. Gulf producers have been pumping below their targets amid export disruptions.