OPEC+ agrees to keep November oil output targets steady
USO•OPEC+ agreed to keep November production targets unchanged. Its seven core members pumped 25 million barrels per day in August, about 5 million bpd below February levels before the Iran war.
1. Targets unchanged
Seven core OPEC+ members agreed at an online meeting on Sunday to keep oil production targets steady for November. Gulf producers have been pumping below their targets as exports faced disruption, fluctuating at 60% to 80% of normal levels in recent months.
2. Output and review
The seven members pumped 25 million barrels per day in August, up 630,000 bpd from July but roughly 5 million bpd below February levels. The Iran war has delayed a capacity review needed to determine members’ 2027 quotas, as it has increased uncertainty about future production potential. The group’s next meeting is scheduled for November 1.
