Opec+ keeps November oil output targets unchanged, extending pause
In short
Opec+ kept its oil production targets unchanged for November, extending the pause it began in October after six months of gradual increases. The decision by the group's seven core members leaves the joint quota at 31 million bpd for November, with most members producing below target because of the war. Brent settled nearly flat at $102.25 a barrel on Friday, and Gulf News, citing Reuters and Bloomberg, said further policy changes are unlikely before next year.
Why it matters
Opec+ is holding output steady while the Strait of Hormuz, which The National says carried about a fifth of the world's crude oil and liquefied natural gas, remains effectively shut and Brent trades above $100 a barrel. The group is also reviewing members' production capacity to set quotas for 2027, a process that will shape supply policy beyond this year's rolling monthly decisions.
Key facts
- Opec+ decided at a Sunday meeting to maintain September 2026 required production levels for November 2026, according to a group statement. [ 1 ]
- The decision extends the pause that began in October, after six months of gradual increases. [ 1 ]
- The seven core members are Saudi Arabia, Iraq, Kuwait, Oman, Algeria, Russia and Kazakhstan. [ 1 , 2 ]
- Joint quotas for the seven members amount to 31 million bpd for November, The National reported. [ 1 ]
- Most members are producing below their targets because of the war, according to The National. [ 1 ]
- The group is reviewing members' production capacity to set quotas for 2027 and will hold its next meeting on November 1. [ 1 ]
- Brent settled nearly flat at $102.25 a barrel on Friday, while West Texas Intermediate shed 1.9 per cent to settle at $91.11, The National reported. [ 1 ]
- Gulf News, citing Reuters and Bloomberg, said the decision was widely expected and that the group is unlikely to change output policy again before next year. [ 2 ]
Confirmed by several sources
Still unclear
- The venue and city of the meeting are not stated. No document gives a location for the Sunday meeting.
- Whether Opec+ will leave output policy unchanged for the rest of the year. Gulf News attributes the expectation of no further changes before next year to Reuters and Bloomberg; the group's statement does not say this.
- The seven conditions Iran has set for reopening the Strait of Hormuz. The National says Iran has demanded seven conditions but does not list them.
- The size of Brent's weekly decline. The National's article text ends mid-sentence at “Brent slid nearly 2 per cen…”, so the figure is incomplete.
What local media are saying
Timeline, local time
- The National reports that Opec+ decided at its Sunday meeting to maintain September 2026 required production for November 2026, extending the October pause. [ 1 ]
- Gulf News reports the decision was widely expected and that the group is unlikely to change output policy again before next year, citing Reuters and Bloomberg. [ 2 ]
- Arabian Business reports November targets held steady as Gulf export disruptions persist and Brent stays above $100 a barrel. [ 3 ]