OPEC+ confirms principle agreement to maintain November oil output targets

Gulf OPEC+ producers have continued to pump well below their assigned targets due to ongoing export disruptions stemming from the US-Israeli conflict involving Iran. Exports from the region have fluctuated between 60% and 80% of normal levels in recent months.

The conflict has also delayed OPEC+'s output capacity review, a critical process for determining members' 2027 output quotas, as estimates of future production potential remain uncertain.

Despite raising output targets for much of 2026 after years of production cuts, most increases have remained on paper due to the Middle East situation. In August, the seven core members produced 25 million barrels per day, up 630,000 barrels per day from July, but still approximately 5 million barrels per day below prewar levels seen in February.

OPEC+ currently maintains about 2 million barrels per day of output cuts across most members. Sources indicate that any changes to output levels are unlikely before 2027, pending the completion of the capacity review.

The seven core members participating in the Sunday meeting are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.