Opec+ Maintains Oil Production Targets for November Amid Ongoing Market Review

Opec+ has decided to keep its oil production targets unchanged for November, continuing the pause that began in October following six months of consistent increases. During a meeting on Sunday, the group's seven core members—consisting of Saudi Arabia, Iraq, Kuwait, Oman, Algeria, Russia, and Kazakhstan—agreed to maintain the September 2026 required production levels for November 2026, according to an official statement.

The group concluded the unwinding of 1.65 million barrels per day of voluntary cuts from 2023 back in September. An additional two million barrels per day of cuts, which were agreed upon in 2022, will remain in place until the close of the year. Furthermore, the organization is actively reviewing the production capacity of its members to establish quotas for 2027.

The seven Opec+ countries will persist with monthly meetings to monitor market conditions, with the next gathering scheduled for November 1. Many members are currently producing below their assigned targets due to ongoing conflict. Notably, the Strait of Hormuz, responsible for carrying approximately a fifth of the world's crude oil and liquefied natural gas, has been effectively closed since fighting between the US and Iran erupted on February 28.

In market trading, Brent settled nearly flat at $102.25 a barrel on Friday, while West Texas Intermediate decreased by 1.9 per cent to settle at $91.11 a barrel. Over the course of the week, Brent declined by nearly 2 per cent and WTI dropped 1.4 per cent, contrasting with an intraday high of $126 a barrel reached in late April.