OPEC+ producers are likely to leave their oil production targets unchanged for November when seven core members hold an online meeting on Sunday, according to two sources familiar with the matter cited by Reuters.
The sources spoke on condition of anonymity and said that a final decision had not yet been reached.
Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman are due to participate in the meeting. The discussions come as Gulf producers increase exports following months of disruption associated with the Iran war, although most continue to pump well below their production targets.
OPEC+ brings together members of the Organization of the Petroleum Exporting Countries and allied oil-producing nations, including Russia.
OPEC and Russian authorities did not immediately respond to Reuters requests for comment.
Production Targets Were Left Unchanged for October
The producer group increased its output targets through much of the year before deciding to keep them unchanged for October.
OPEC+ completed the phased reversal of a 1.65 million-barrel-per-day supply cut in September. The reduction had originally been agreed in 2023.
Reuters reported in July that the group was likely to make no further changes to its production targets during the fourth quarter as attention shifted towards negotiations over production quotas for 2027.
At the same time, disruptions associated with the Iran war have resulted in Gulf producers falling short of their existing quotas.
Seven Core Producers Pumped 25 Million Barrels Per Day in August
According to OPEC data, the seven core producers participating in Sunday’s meeting collectively produced 25.0 million barrels of oil per day in August.
Production increased by 630,000 barrels per day compared with July.
However, combined output remained around 5 million barrels per day below the levels recorded in February before the war.
As a result, actual production by several members remains below the levels permitted under the group’s existing targets.
OPEC+ Retains Additional Production Cuts Through End of 2026
A further layer of OPEC+ production cuts totalling approximately 2 million barrels per day remains in place for most members through the end of 2026.
The group also needs to complete an assessment of members’ production capacity before setting the 2027 baselines that will determine future production quotas.
According to sources cited in the supplied information, the capacity review and resulting baselines will also influence how OPEC+ approaches the eventual reversal of its remaining production cuts.
U.S. consultancy DeGolyer and MacNaughton is expected to submit its report assessing production capacity in the near term.
JMMC to Review Oil Market on Sunday
The OPEC+ Joint Ministerial Monitoring Committee is separately scheduled to meet on Sunday to assess conditions in the global oil market.
The JMMC monitors market developments and members’ compliance with production agreements but does not itself determine the group’s production policy.
Its meeting will coincide with discussions among Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman over production targets for November.
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