OPEC+ maintains November oil output targets as market awaits next policy shift

OPEC+ has agreed to leave its oil production targets unchanged for November 2026, signalling that the alliance is unlikely to make any significant changes to its output policy before next year.

The decision was reached during a brief virtual meeting on Sunday involving the seven core members of the alliance, comprising the Organization of the Petroleum Exporting Countries and key allies led by Russia.

The countries include Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

The move was widely anticipated by the market as the producer group continues to monitor global supply conditions and the impact of geopolitical tensions on crude exports.

Analysts noted that despite recent improvements in oil shipments through the Strait of Hormuz, production by Gulf members remains well below their agreed quotas because of disruptions linked to the ongoing US-Israeli conflict with Iran.

UBS analyst Giovanni Staunovo said: “The OPEC+ group of seven kept their production ceilings unchanged, in line with market expectations.

“That said, despite rising flows through the Strait of Hormuz, their output levels remain well below quota. Consequently, the oil market remains tight.”

Oil prices retreated on Friday after European leaders agreed to a request by US President Donald Trump to release diesel reserves in a bid to ease supply pressures.

Despite the decline, Brent crude has continued to trade above the $100-per-barrel mark, compared with about $73 before the outbreak of the Iran conflict in late February.

Oil prices slip as Middle East crude exports rise

OPEC+ has gradually increased production targets throughout 2026 after implementing years of supply cuts.

However, much of the planned increase has not materialised because the conflict in the Middle East has continued to disrupt exports.

According to OPEC data, the seven core producers pumped about 25 million barrels of crude oil per day in August, representing an increase of 630,000 barrels per day from July.

Even so, production remains approximately five million barrels per day below the levels recorded before the conflict began.

The alliance is expected to review its production strategy again when the seven core members meet on November 1.