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      OPEC+ Maintains November Oil Production Targets Amid Ongoing Supply Disruptions

      OPEC+ has decided to keep its oil production targets unchanged for November following a brief online meeting of its seven core members, which include Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. This decision comes as Gulf producers continue to operate significantly below their quotas due to disruptions caused by the ongoing US-Israeli war on Iran, with exports running at only 60% to 80% of normal levels in recent months.

      In August, the core members produced approximately 25 million barrels per day, which is an increase of over 600,000 barrels per day from July but still about 5 million barrels per day below the levels seen before the conflict began in February. Despite raising production targets throughout 2026, actual output has not kept pace with these increases, leaving the oil market tight and Brent crude prices above $100 per barrel.

      The ongoing conflict has also delayed a crucial review of production capacities that is necessary for setting quotas for 2027. Originally scheduled for completion by the end of September, this review has now been postponed to mid-November. The report, which will assess the maximum sustainable production capacity of OPEC+ members, is politically sensitive as it could influence future quota allocations. The next meeting of the core members is scheduled for November 1, 2026.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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