OPEC+ to keep oil output targets unchanged in November: Report

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The OPEC+ alliance is expected to keep its oil production targets unchanged for November, ahead of a meeting as the group continues to grapple with the fallout from export disruptions caused by the Iran war, three sources familiar with the matter said on Sunday.

Arab Gulf members of the Organization of the Petroleum Exporting Countries (OPEC) have been pumping volumes well below their targets since the Iran war began in February, with exports ranging between 60% and 80% of normal levels in recent months.

Sources also said the war had delayed OPEC+'s review of production capacity, which is necessary to determine output quotas for next year.

OPEC+ comprises OPEC member countries and non-OPEC producers led by Russia.

The three sources familiar with Sunday's discussions said the alliance had agreed in principle to keep oil production targets unchanged in November.

The alliance raised production targets for most of the current year after maintaining output cuts for several years, but most of those increases have remained largely theoretical because of the war.

OPEC data show that the seven key OPEC+ countries produced 25 million barrels per day (bpd) in August, up 630,000 bpd from July. However, this remained approximately 5 million bpd below the levels recorded before the war broke out.

OPEC+ is still implementing production cuts of nearly 2 million bpd, involving most of its members. Sources said the group needs to review production capacities to determine how increases should be allocated, adding that no changes to output are likely before 2027.

The seven key OPEC+ countries due to meet on Sunday are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.