Major Oil Exporters Agree to Keep Production Steady in November
The group is keeping 2 million barrels per day of cuts in place through year-end while reviewing 2027 quotas, officials said.
- OPEC decided to maintain required production targets on Sunday, extending the pause in output increases for the second consecutive month amid market uncertainty.
- Ongoing export bottlenecks caused by the US-Israeli war with Iran have forced Gulf OPEC producers to operate well below target, with exports fluctuating at 60-80% of normal levels in recent months.
- Seven core members—Saudi Arabia, Iraq, Kuwait, Oman, Algeria, Russia, and Kazakhstan—agreed to "maintain September 2026 required production for November 2026," with joint quotas totaling 31 million bpd.
- Brent settled at $102.25 a barrel on Friday, while West Texas Intermediate shed 1.9 per cent to settle at $91.11, as The Strait's closure constrained global supplies.
- The group "will continue to hold monthly meetings to review market conditions" while evaluating production capacity for 2027, though geopolitical tensions cloud future production outlooks.
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Major oil exporters agree to keep production steady in November – WTOP News
Seven major oil-exporting countries agreed Sunday to keep production steady in November at a time when the Iran war has driven the price of benchmark Brent crude oil above $100 a barrel. The so-called OPEC+ subgroup — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — will meet again on Nov. 1 to review...
OPEC+ Keeps November Oil Output Targets Unchanged Amid Market Uncertainty
OPEC+ decided to keep oil production targets unchanged for November during a meeting held online on Sunday. This decision aligns with expectations that there will not be any significant changes to output policies until next year. The group includes seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. These Gulf producers have […]
Three early sources said today: OPEC Plus will keep oil production targets unchanged next November, just before the Alliance meeting, which continues to suffer the consequences of export disruptions due to the Middle East war.
Mehr News Agency
snn.irOPEC+ announced that it would keep its oil production targets for November unchanged, a decision that is in line with market expectations.
The aim of the measure is to curb the price increases for crude oil and fuels derived from this raw material.
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