Opec+ poised to hold November production targets steady
August output from the group's seven core members remained roughly five million bpd below February's prewar level, according to Opec data.
Opec+ has agreed in principle to maintain its November production targets, according to three sources close to the talks. The sources described the position ahead of the group's meeting.
Opec data showed that August production across the seven core members totalled 25 million barrels per day. This was 630,000 bpd higher than July's output but remained roughly five million bpd short of the prewar level recorded in February.
Continuing disruption to exports caused by the US-Israeli war on Iran has left Gulf producers pumping substantially less than their targets. Their exports have fluctuated between 60-80% of normal levels in recent months. Despite target increases through much of 2026, the Middle East conflict has meant most have not translated into additional production.
Industry sources said the war had delayed a review of production capacity by creating uncertainty over future output potential. The review is needed to establish members' quotas for 2027 and allocate production increases. Sources said changes to output were unlikely before 2027, with about two million bpd of cuts still applying across most members.
The seven core members participating in the meeting are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
