OPEC+'s seven core members are expected to hold crude output targets unchanged for November, two sources familiar with the matter said, as Gulf producers in the Middle East work to restore exports disrupted for months by the war with Iran. Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman are due to meet online on Sunday. Both sources cautioned that no final decision has been made.
Gulf output still rebuilding
The seven core producers pumped 25.0 million barrels per day in August, OPEC data shows, up 630,000 bpd from July. That is still roughly 5 million bpd below the levels seen in February, before the conflict began. Most of the group's members are pumping well below their assigned quotas even as those quotas have been raised through the year. OPEC+ had been lifting output targets for most of the year but kept them unchanged for October.
2 million bpd of cuts still in place
In September, the group finished unwinding a 1.65 million bpd supply cut first agreed in 2023. A separate layer of cuts, about 2 million bpd covering most members, remains in place through the end of 2026. OPEC+ is now negotiating quotas for 2027, which will set future output baselines and shape how the group unwinds its remaining cuts. Before those baselines are set, OPEC+ must finish reviewing each member's production capacity; U.S. consultant DeGolyer and MacNaughton is expected to submit its capacity report soon, the sources said.
What else is on the agenda
The Joint Ministerial Monitoring Committee, a separate panel that does not decide policy, will also meet Sunday to review market conditions. OPEC and Russian authorities did not immediately respond to requests for comment. Reuters reported in July that OPEC+ was likely to leave targets unchanged through the fourth quarter while the 2027 quota talks continue.
Market snapshot
Elsewhere in oil markets, WTI crude was at $84.65 a barrel and Henry Hub gas at $3.06 per MMBtu as of June 15, according to the EIA; Baker Hughes counted 562 active U.S. rigs the same day.
