Seven OPEC+ states agree in principle to hold November output targets
In short
Seven OPEC+ countries agreed in principle to keep their November oil production targets at current levels, Reuters reported citing three sources, and Bloomberg also forecast targets would be held. The seven discussed November output in a video conference on October 4. Because war between the United States and Israel and Iran has disrupted exports, Gulf producers are pumping well below their quotas, and OPEC data show core members' August output was about 5 million barrels per day below February levels.
Why it matters
OPEC+ supply decisions feed directly into global crude prices and, for Korea, into import bills and fuel costs, so a decision to hold targets rather than add barrels keeps the market outlook tight. The reports also indicate the group's stated targets are increasingly disconnected from what members actually pump, which limits how much its signalling can steer prices.
Key facts
- Seven OPEC+ countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — held a video conference on October 4 to discuss November production targets. [ 1 , 2 ]
- Reuters, citing three people familiar with the matter, reported the seven agreed in principle to keep November targets at current levels; Bloomberg also forecast the targets would be maintained. [ 1 , 2 ]
- Gulf OPEC+ producers are producing below their targets because the war between the United States and Israel and Iran is disrupting exports, with recent shipments at 60 to 80 percent of normal levels, according to Reuters. [ 1 , 2 ]
- OPEC data show the core seven produced 25 million barrels per day in August, up 630,000 bpd from July but about 5 million bpd below the pre-war level in February. [ 1 , 2 ]
- OPEC+ had raised production targets through most of this year after years of cuts, but most of the increase has not translated into actual output. [ 1 , 2 ]
- A review of members' production capacity for next year's quotas has been delayed, and sources said a substantive change in output is unlikely before 2027. [ 1 , 2 ]
- Newsis reported in a headline that OPEC+ had agreed to maintain its November crude production target. [ 3 ]
Confirmed by several sources
- OPEC+ core members Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman met by video conference on October 4 to discuss November output. [ 1 , 2 ]
- Reuters, citing three sources, reported an in-principle agreement to hold November production targets at current levels, and Bloomberg forecast the same. [ 1 , 2 ]
- OPEC data cited by the outlets put August output by the core seven at 25 million barrels per day, up 630,000 bpd on July but about 5 million bpd below February. [ 1 , 2 ]
- Gulf OPEC+ members' crude exports have recently run at 60 to 80 percent of normal levels, Reuters reported. [ 1 , 2 ]
- OPEC+ has raised production targets through most of this year, while the war has kept actual output below those targets. [ 1 , 2 ]
Still unclear
- Whether the agreement was formalised The reports describe an agreement in principle, attributed to unnamed sources, and do not cite an official OPEC+ announcement of the meeting's outcome.
- When OPEC+ will decide next year's quotas The documents say the capacity review is delayed and that substantive output changes are unlikely before 2027, but give no date.
- Newsis's OPEC+ report Only the headline covers the OPEC+ decision; the article text carried by the document deals with an unrelated domestic political story.
What local media are saying
Timeline, local time
- Yonhap reports that seven OPEC+ countries agreed in principle to keep November production targets at current levels, citing Reuters and Bloomberg. [ 1 ]
- Seoul Economic Daily reports the same in-principle agreement and the OPEC data on August output. [ 2 ]
- Newsis publishes a headline saying OPEC+ agreed to maintain its November crude production target. [ 3 ]