OPEC+ has agreed to keep its oil production targets unchanged for November, maintaining its current policy as geopolitical tensions continue to disrupt global energy supplies.
The decision was reached during a virtual meeting involving seven key OPEC+ members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
The producers have been pumping below their official targets as disruptions linked to the conflict involving Iran have affected oil exports. Despite improving flows through the Strait of Hormuz, production remains significantly below pre-war levels.
UBS analyst Giovanni Staunovo said the group’s decision was in line with market expectations. He noted that actual output remains below quotas, keeping the oil market relatively tight.
Brent crude prices remain above $100 per barrel despite a recent decline after European countries agreed to release diesel reserves following a request from US President Donald Trump.
OPEC+ has increased production targets during much of 2026 after years of supply cuts. However, many of those increases have not translated into equivalent physical output because of continuing instability in the Middle East.
The seven core members produced about 25 million barrels per day in August, an increase of 630,000 barrels per day from July but still around five million barrels below February levels.
The group will meet again on November 1 to review market conditions.
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