OPEC+ left oil production targets unchanged for November following a brief online meeting held Sunday among seven core members of the alliance. The decision, which met market expectations, comes as the group continues to grapple with significant supply disruptions linked to the ongoing U.S.-Iran conflict.
The core OPEC+ countries—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman—confirmed their commitment to existing quotas, despite persistent swings in export volumes, with recent supplies estimated at 60% to 80% of typical levels. Production from these Gulf members remains considerably lower than official quotas, even as oil flows through the Strait of Hormuz have increased, according to UBS.
Crude prices fell on Friday after the Group of Seven announced supply releases from strategic reserves. Brent crude settled at $102.25 per barrel, down 6 cents, while U.S. West Texas Intermediate closed $1.76 lower at $91.11 per barrel. The G7—comprising France, Canada, Germany, Italy, Japan, the United Kingdom, and the United States—plans to release 100 million barrels over four months, including a substantial diesel release in the initial 20-day period.
Despite this move, Brent prices remain above $100 per barrel, a significant increase from the roughly $73 level seen before the outbreak of conflict with Iran in late February.
Much of OPEC+’s scheduled production increases for 2026 have not materialized in practice due to ongoing instability in the Middle East. In August, combined output from the seven OPEC+ core members reached 25 million barrels per day, up by 630,000 barrels per day from July but still around 5 million barrels per day below prewar volumes.
OPEC+ still enforces roughly 2 million barrels per day in output cuts across most members. Any revision to quotas will depend on the group’s delayed output capacity review, which remains postponed in light of continued uncertainty over future production potential.
Separately, the Joint Ministerial Monitoring Committee—which does not determine production policy—reiterated concerns about assaults on energy infrastructure and highlighted the high costs and long timelines associated with repairs, emphasizing the importance of keeping maritime supply routes open.
OPEC+ plans to hold its next policy review meeting on November 1, while the Joint Ministerial Monitoring Committee is scheduled to convene again on November 29.
