According to information from three sources close to the situation, the OPEC+ group intends to maintain current oil production targets for November ahead of the upcoming meeting on Sunday.
OPEC+ producers in Persian Gulf countries are operating significantly below established planned levels due to ongoing export disruptions caused by the war between the US and Israel against Iran. In recent months, exports have fluctuated at 60–80% of the norm.
Military actions have also delayed the review of the group's production capacities, which is critical for determining quotas for members in 2027. Industry sources suggest this is because the war has introduced uncertainty into future production potential estimates.
Three sources familiar with the negotiations reported that the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and its allies, including Russia, has reached a fundamental agreement to maintain current targets for November.
Although OPEC+ increased production targets for most of 2026 after years of cuts, most of these increases have remained only on paper due to the conflict in the Middle East.
OPEC data shows that seven major OPEC+ members produced 25 million barrels per day in August, which is 630,000 barrels per day more than in July, but this is still approximately 5 million barrels per day below pre-war levels recorded in February.
Currently, production cuts of about 2 million barrels per day remain in effect, affecting most participants. Sources note that reviewing capacities is necessary to decide on the allocation of capacity increases, and any changes in production are unlikely before 2027.
The meeting of the seven major members of the group on Sunday will include Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.