OPEC+'s seven core members agreed to leave November production ceilings unchanged, a decision oil markets had already priced in. The group reached the call in a brief online meeting on Sunday; its members are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
The decision changes little in practice. Gulf members of OPEC+ have been pumping well below their targets for months because of export disruptions tied to the war pitting the US and Israel against Iran, with exports running at 60% to 80% of normal levels. UBS analyst Giovanni Staunovo said the ceilings held steady "in line with market expectations," though output stays short of quota even as flows through the Strait of Hormuz have picked up. "The oil market remains tight," he said.
Brent holds above $100 despite Friday's drop
Oil prices fell Friday after European leaders agreed to a request from President Donald Trump to release diesel reserves. Brent crude has still held above $100 a barrel, up from about $73 before the Iran war began in late February.
Output hikes have stayed on paper
OPEC+ spent much of 2026 raising output targets after years of production cuts, but most of those increases never reached the market because of fighting in the Middle East. The seven core members pumped 25 million barrels per day in August, up 630,000 bpd from July, yet still about 5 million bpd below prewar levels from February. The group still holds roughly 2 million bpd of cuts in place across most members.
Capacity review delayed into 2027
The Iran war has also pushed back OPEC+'s review of members' production capacity, which will set 2027 output quotas, because the conflict has made it harder to estimate how much members can actually produce, industry sources told Reuters last week. Any changes beyond the current targets are unlikely before next year. The seven hold their next meeting on November 1, while a separate, non-policymaking ministerial group, the Joint Ministerial Monitoring Committee, also met recently to review the market.
