OPEC+ oil producers set to keep output targets steady at Sunday meeting, sources say
USO•OPEC+ is likely to keep November oil production targets steady at its Sunday meeting, two sources said, though no final decision has been made. The seven core members produced 25.0 million barrels per day in August, about 5 million bpd below February levels.
1. Targets likely unchanged
OPEC+ oil-producing countries are likely to keep their November production targets steady when seven core members meet online on Sunday, two sources with knowledge of the matter said. They said no final decision had been made.
2. Output remains below levels
The seven core members—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman—produced 25.0 million barrels per day in August, up 630,000 bpd from July but roughly 5 million bpd below February, before the Iran war. Gulf producers remain below their output targets as exports disrupted for months by the war have been increasing.
3. Quota review ahead
OPEC+ completed the phased rollback of a 1.65 million-bpd cut agreed in 2023 in September, while a separate layer of cuts of about 2 million bpd remains in place through the end of 2026. The group is reviewing members’ production capacity before setting 2027 baselines and quotas; the Joint Ministerial Monitoring Committee also meets Sunday to review the market.
