OPEC+ expected to maintain output targets at Sunday meeting: sources
OPEC+ oil producers are likely to keep November output targets unchanged at their upcoming meeting on Sunday, according to informed sources.
Key Takeaways
AIInformed sources have indicated that oil-producing countries in the OPEC+ alliance are likely to keep their production targets unchanged for November during their scheduled meeting on Sunday.
According to Reuters, the online meeting will involve seven key OPEC+ members—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman—at a time when Gulf states in the alliance are working to boost exports that had been disrupted for several months due to the war on Iran.
The alliance has raised its production targets for most of the year but left them unchanged for October. In September, OPEC+ completed the gradual phase-out of a 1.65 million barrel per day supply cut that was first agreed in 2023.
Reuters reported in July that OPEC+ is unlikely to make any changes to its targets in the fourth quarter, as the group shifts its focus to negotiating production quotas for 2027.
OPEC data showed that the seven main OPEC+ producers pumped 25.0 million barrels per day in August, an increase of 630,000 barrels per day from July, though output remained about 5 million barrels per day below pre-war levels in February.
According to Reuters, OPEC+ still has another tranche of production cuts totaling about 2 million barrels per day, covering most members through the end of 2026.
Sources said the group needs to complete a review of members' production capacities before setting the 2027 baselines, which will determine future quotas and outline plans to gradually end those cuts.