The OPEC+ alliance has reached a preliminary agreement to keep its oil output targets unchanged in November, according to three sources familiar with the talks, ahead of a meeting of seven alliance members on Sunday, October 4, 2026.
Meeting of seven alliance members
The meeting includes Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, while the Joint Ministerial Monitoring Committee will meet separately to review market conditions without being responsible for making production policy decisions.
Output below targets
OPEC data showed that the alliance's seven core countries pumped 25 million barrels per day in August, up 630,000 barrels per day from July, but remained about 5 million barrels per day below pre-war February levels amid disruptions to oil exports in the Middle East.
The alliance had raised its output targets during most of 2026 after years of cuts, but a large part of the increases did not translate into actual supply because of export disruptions. Cuts of about 2 million barrels per day remain in effect and cover most members.
Review of production capacity
The review of production capacity in alliance countries has been delayed. The review will be used to determine the baselines for 2027 quotas, after developments in the Middle East conflict made it more difficult to assess future production capacity, according to industry sources.
At their previous meeting on September 6, 2026, the seven countries decided to maintain during October the production levels required for September and reaffirmed that monthly meetings would continue to review market conditions.
