OPEC+ Maintains November Oil Output Targets Amid Tight Supply
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Major OPEC+ nations have agreed to maintain their current oil production quotas for next month as ongoing conflict in the Middle East continues to disrupt the coalition’s output.
Following a monthly video conference on Sunday, a seven-country sub-group led by Saudi Arabia and Russia confirmed that production targets will remain steady for November, aligning with their established roadmap.
This decision comes as oil futures approach $100 a barrel and retail diesel prices hit record highs due to the Middle East conflict, prompting G7 nations to release emergency stockpiles.
OPEC+ had previously indicated a pause on production quota increases through the end of the year, following a series of modest hikes implemented between March and August. Those symbolic increases theoretically reversed the supply cuts of 2023, potentially allowing Gulf members to raise output once regional tensions ease. Currently, production in key member states like Saudi Arabia, Iraq, and Kuwait remains well below pre-conflict levels.
The seven-nation sub-group is scheduled to meet online again on November 1 to finalize plans for December.
Additionally, the Joint Ministerial Monitoring Committee (JMMC) met on Sunday, expressing concern over the impact of attacks on energy infrastructure on global market stability.
The alliance’s next major decision involves whether to restore production cuts implemented in 2022. This complex process will depend on the results of an ongoing audit of member states’ production capacities.
OPEC+ will finalize its policy for next year during a full ministerial meeting on November 29, which will coincide with the next JMMC session.
