OPEC+ has agreed in principle to maintain its oil production targets for November as the war in Iran continues to disrupt Gulf exports, three sources close to the negotiations told Reuters.
The group’s seven main members – Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman – were meeting on Sunday, while the Joint Ministerial Monitoring Committee was also due to review the market.
Gulf OPEC+ producers have pumped well below their targets, with exports fluctuating between 60% and 80% of normal levels in recent months due to continued disruptions from the US-Israeli war with Iran.
The conflict also delayed a review of the group’s capabilities, necessary to determine members’ production quotas for 2027, as future production potential became more difficult to assess.
OPEC+ had raised its production targets through much of 2026 after years of output cuts, but Reuters reported that most of those increases remained largely on paper due to the Middle East conflict.
The seven main OPEC+ members pumped 25 million barrels per day in August, up 630,000 bpd from July, but still about 5 million bpd below pre-war levels in February, according to OPEC data.
Reuters contributed to this report.
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