OPEC+ oil-producing countries are expected to maintain their existing production targets for November when a group of core members meets on Sunday, according to two sources with knowledge of the discussions cited by Reuters.
Both sources spoke on condition of anonymity and said that no final decision had been made.
The online meeting will involve seven core OPEC+ members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. The meeting comes as Gulf producers increase exports following months of disruption associated with the Iran war, although most continue to produce below their output targets.
OPEC+ comprises members of the Organization of the Petroleum Exporting Countries and allied producers, including Russia. OPEC and Russian authorities did not immediately respond to Reuters requests for comment.
OPEC+ Kept October Production Targets Steady
OPEC+ increased its production targets during much of the year before leaving them unchanged for October.
In September, the group completed the phased reversal of a 1.65 million-barrel-per-day supply reduction that was initially agreed in 2023.
Reuters reported in July that OPEC+ was expected to leave its production targets unchanged during the fourth quarter as the group shifted its attention towards negotiations over production quotas for 2027.
Supply disruptions associated with the Iran war have meanwhile resulted in Gulf producers operating below their quotas.
Core Producers Remain Below Pre-War Output Levels
OPEC data showed that the seven core OPEC+ producers collectively produced 25.0 million barrels per day in August.
That represented an increase of 630,000 barrels per day compared with July, but production remained approximately 5 million barrels per day below February’s pre-war levels.
The figures indicate that actual production remains below the targets available to several producers despite the earlier increases in OPEC+ output targets.
Further Production Cuts Remain in Place Through 2026
OPEC+ continues to have another layer of production reductions of approximately 2 million barrels per day covering most members through the end of 2026.
The group is also working to complete a review of members’ production capacity before determining the 2027 production baselines that will be used to establish future quotas.
Those baselines are also expected to influence the group’s plans for eventually unwinding the remaining production cuts, according to sources cited in the supplied information.
U.S. consultancy DeGolyer and MacNaughton is expected to submit its assessment of members’ production capacity soon.
OPEC+ Monitoring Committee Also Meets Sunday
The Joint Ministerial Monitoring Committee, a separate OPEC+ ministerial group, is also scheduled to meet on Sunday to review conditions in the oil market.
The JMMC monitors compliance and market developments but does not itself determine OPEC+ production policy.
The meeting will take place alongside the discussions among the seven core producers over November production targets.