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OPEC+ Likely to Maintain Oil Output Targets for November Amidst Gulf Production Shortfalls
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Firstpost•30-09-2026, 18:01
OPEC+ Likely to Maintain Oil Output Targets for November Amidst Gulf Production Shortfalls
- •OPEC+ nations are expected to keep crude production targets unchanged for November, according to sources familiar with the matter.
- •The online meeting involves seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.
- •Gulf producers are still pumping significantly below their assigned quotas, with August output at 25.0 million bpd, 5 million bpd below pre-war levels.
- •The group completed a phased rollback of a 1.65 million bpd supply cut in September, with a 2 million bpd cut remaining until the end of 2026.
- •The focus is shifting to negotiations over 2027 quotas, pending a review of members' production capacity by U.S. consultant DeGolyer and MacNaughton.
Key Questions Answered
OPEC+ oil-producing nations are expected to keep their crude production targets steady for November during their upcoming online meeting.
In August, the seven core OPEC+ producers pumped 25.0 million barrels per day, which remains roughly 5 million barrels per day below the levels recorded in February before the conflict began.
OPEC+ is shifting its focus to negotiations over 2027 quotas as it makes no changes to targets during the fourth quarter of 2026.
