OPEC+ core group keeps November oil output targets unchanged

Seven OPEC+ countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — decided at a virtual meeting on Sunday, 4 October, to keep their required oil production for November 2026 at September 2026 levels, OPEC said in a statement.

The numbers

According to TASS, citing the group’s table, the November quotas are 10.478 million barrels per day for Saudi Arabia, 9.949 million for Russia, 4.431 million for Iraq, 2.676 million for Kuwait, 1.628 million for Kazakhstan, 1.007 million for Algeria and 841,000 for Oman — the same as for September and October. The countries reiterated their commitment to full conformity with the Declaration of Cooperation.

Context

The decision was in line with the group’s existing roadmap: OPEC+ had already signalled a pause in quota increases through the end of the year after modest hikes in the six months through August, Bloomberg reported, adding that conflict in the Middle East continues to shut in swaths of the group’s output. The seven will meet again online on 1 November, and policy for next year is due at a full ministerial meeting on 29 November.

Brent for December delivery briefly rose above $103 a barrel early on Monday before paring gains, after climbing almost 5% last week, according to Bloomberg.