OPEC+ Set to Keep November Oil Output Targets Steady, Sources Say

By Reuters Oct. 4, 2026 The OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, has agreed in principle to keep targets steady for November, the three sources close to the talks said. Cristian Bonaviri/Sipa USA/TASS OPEC+ is set to keep oil production targets steady for November, three sources close to the matter said ahead of the group's meeting on Sunday. Gulf OPEC+ producers have been pumping well below output targets in the face of continuing export disruptions from the U.S.-Israeli war on Iran, with exports fluctuating at 60-80% of normal levels in recent months. The war has also delayed the group's output capacity review — crucial to determine members’ 2027 output quotas — because it has thrown estimates of future production potential into uncertainty, industry sources have said. The OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, has agreed in principle to keep targets steady for November, the three sources close to the talks said. OPEC+ has been raising output targets for much of 2026 after years of production cuts, but most of the increases stayed 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, yet still roughly 5 million bpd below prewar levels in February, OPEC data shows. OPEC+ still has about 2 million bpd of output cuts in place covering most members. It needs a capacity review to decide how to distribute increases and any changes to output are unlikely before 2027, sources have said. The group's seven core members meeting on Sunday are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. Read more about: Oil , OPEC Sign up for our free weekly newsletter Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview Subscribers agree to the Privacy Policy We sent a confirmation to your email. Please confirm your subscription. A Message from The Moscow Times: Dear readers, We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent." These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia. We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help. Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact. By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us. Once Monthly Annual Continue Not ready to support today? Remind me later. × Remind me next month Remind me Thank you! Your reminder is set. We will send you one reminder email a month from now. For details on the personal data we collect and how it is used, please see our Privacy Policy. Read more OPEC+ Hikes Oil Production Quotas Without Mentioning UAE Exit Analysts had expected the increase of 188,000 barrels, similar to the 206,000-barrel daily increases OPEC+ in March and April. 2 Min read Kremlin Hopes OPEC+ Will Stand Firm Despite UAE Exit Moscow said it has no plans to withdraw from the organization, calling it “especially crucial when energy markets are in turmoil.” 2 Min read Oil Market Faces Shortfall With G7 Price Cap Plan – Russia Moscow said G7 plans to cap the price of Russian oil would lead to a shortfall on world markets. As Oil Prices Rally, Familiar Russia-Saudi Tensions Set to Rise The OPEC+ oil cartel is set for a fresh showdown over its post-pandemic strategy to balance prices and production.