OPEC+ has agreed in principle to keep oil production targets steady for November as the Iran war continues to disrupt Gulf exports, three sources close to the talks told Reuters.
The group’s seven core members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — were meeting Sunday, while the Joint Ministerial Monitoring Committee was also scheduled to review the market.
Gulf OPEC+ producers have been pumping far below their targets, with exports fluctuating between 60% and 80% of normal levels in recent months because of continuing disruptions from the U.S.-Israeli war on Iran.
The conflict has also delayed the group’s capacity review, which is needed to determine members’ 2027 production quotas, because future production potential has become harder to assess.
OPEC+ had been raising output targets for much of 2026 after years of production cuts, but Reuters reported that most of those increases remained largely on paper because of the Middle East conflict.
The seven core OPEC+ members pumped 25 million barrels per day in August, up 630,000 bpd from July, but still about 5 million bpd below prewar levels in February, according to OPEC data.
Reuters contributed to this report.
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