OPEC+ reportedly to keep November oil output targets steady

OPEC+ is set to maintain its oil production targets for November, according to a Reuters report. The group, which is meeting today, has been raising output targets for much of 2026 after years of production cuts, but most of the increases have remained only on paper due to the ongoing US-Israel war on Iran.

OPEC+ producers in the Persian Gulf have been pumping well below their output targets as a result of continuing export disruptions caused by the war. Their exports have fluctuated at 60 to 80 percent below normal levels in recent months, the report said, citing unnamed industry sources.

The war has also delayed the group's output capacity review, which is crucial for determining members' 2027 output quotas. According to the sources, the conflict has thrown estimates of future production potential into uncertainty, making it difficult to finalize the review.

OPEC+ has been gradually increasing its output targets throughout 2026, reversing years of cuts. However, the actual production has not kept pace with these targets because of the war-related disruptions. The group's meeting today is expected to result in a decision to keep November targets steady, as reported by Reuters.

The report by Mehr News added that the situation remains fluid, with export levels fluctuating significantly. The delay in the output capacity review could have implications for future quota decisions, as members await clearer data on production potential. The ongoing conflict continues to affect oil markets and the group's ability to manage supply.

According to Mehr News, which cited a Reuters report, OPEC+ is likely to keep its November oil output targets unchanged amid these challenges.