OPEC+ Keeps November Oil Production Target Unchanged

en.Wedoany.com Reported - On October 4, seven OPEC+ member countries—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—held an online meeting and decided to continue implementing the required production level set in September for November 2026, without adjusting the production target for that month. OPEC officially confirmed that the seven countries will continue to assess market conditions on a monthly basis, with the next meeting scheduled for November 1.

Previously, at their September 6 meeting, the seven countries had already decided to continue implementing the September required production level in October. An earlier meeting on August 2 determined an increase of 188,000 barrels per day for September, with the adjustment stemming from the additional voluntary production cuts announced in April 2023. This continuation of the November policy means that this group of members has gone two consecutive months without further raising the required production level.

Actual supply remains significantly below nominal targets. OPEC data show that the seven core members produced about 25 million barrels per day of crude oil in August, an increase of 630,000 barrels per day from July, but still about 5 million barrels per day below the February level. Exports from some Gulf members continue to be affected by the Middle East situation and shipping restrictions, and the previously raised nominal production targets have not all translated into additional actual supply.

OPEC+ also still retains other production cut arrangements of about 2 million barrels per day, covering most members and lasting until the end of 2026. Member countries are also advancing assessments of maximum sustainable capacity, and the results will serve as an important basis for setting 2027 production baselines; the OPEC+ ministerial meeting has previously confirmed that the 2027 baseline will refer to the results of this capacity assessment.