OPEC+ has agreed in principle to leave its production targets for November unchanged, three sources familiar with the talks told Reuters. The decision comes as the war the United States and Israel waged against Iran keeps holding down exports from Persian Gulf members, which have fallen to 60-80% of their normal levels in recent months.
OPEC+ is the Organization of the Petroleum Exporting Countries plus allied producers, including Russia.
Output still below pre-war level
The group's seven key members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, pumped 25 million barrels a day in August.
- 25 million b/d: August output from the seven key members
- +630,000 b/d: August versus July
- -5 million b/d: August versus February, before the war
OPEC+ had raised its production targets through most of 2026 after years of cuts, but most of those increases stayed on paper because of the conflict in the Middle East.
Cuts and the capacity review
OPEC+ is still holding back roughly 2 million barrels a day in cuts across most of its member countries. The group needs to finish a capacity review before it decides how to allocate any future increases, and the sources said production changes are unlikely before 2027.
Seven members meet Sunday
The seven key members are scheduled to meet Sunday at 11:00 GMT.
Russia's revenue falls
Russia's oil export revenue has dropped to its lowest level since the war began, as an oversupply weighs on the global market. The IEA has forecast that the oversupply will persist even as demand grows in 2025.
