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OPEC+ keeps November oil output targets steady; Brent stays above $100
Seven core members decided at a Sunday video meeting to hold November output targets unchanged, the second straight month on hold; the US-Israeli war on Iran keeps actual output far below quota and the market tight.
Why it matters
OPEC+ agreed at a video meeting on Sunday, October 4, to keep oil production targets steady for November — the second straight month of no change (October targets were left untouched on September 6), in line with expectations that no further output policy adjustments are likely until next year.
The decision
The decision was taken by seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. Actual supply remains tight despite steady targets: the US-Israeli war on Iran keeps disrupting Gulf exports, which have run at 60% to 80% of normal levels. The seven pumped 25 million barrels per day in August, up 630,000 bpd from July but still roughly 5 million bpd below prewar February. "The oil market remains tight," said UBS analyst Giovanni Staunovo.
Prices and what's next
Brent crude remains above $100 a barrel, up from about $73 before the Iran war started in late February; prices had dropped Friday after European leaders agreed to President Trump's request to release diesel reserves. About 2 million bpd of voluntary cuts stay in place through end-2026; the capacity review that sets 2027 quotas is delayed by war-driven uncertainty, and the seven meet again on November 1.
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