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Major Oil Exporters Agree to Keep Production Steady in November
The group is keeping 2 million barrels per day of cuts in place through year-end while reviewing 2027 quotas, officials said.
- OPEC decided to maintain required production targets on Sunday, extending the pause in output increases for the second consecutive month amid market uncertainty.
- Ongoing export bottlenecks caused by the US-Israeli war with Iran have forced Gulf OPEC producers to operate well below target, with exports fluctuating at 60-80% of normal levels in recent months.
- Seven core members—Saudi Arabia, Iraq, Kuwait, Oman, Algeria, Russia, and Kazakhstan—agreed to "maintain September 2026 required production for November 2026," with joint quotas totaling 31 million bpd.
- Brent settled at $102.25 a barrel on Friday, while West Texas Intermediate shed 1.9 per cent to settle at $91.11, as The Strait's closure constrained global supplies.
- The group "will continue to hold monthly meetings to review market conditions" while evaluating production capacity for 2027, though geopolitical tensions cloud future production outlooks.
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The OPEC+ group, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, has agreed, as expected, to leave its production limits unchanged in November, according to a press release from the OPEC cartel on Sunday.
Seven leading OPEC+ countries adhering to voluntary oil production cuts – Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Algeria – have decided to keep their existing oil production quotas unchanged in November, th..
Thus, Russia’s oil production quota for November 2026 will stand at 9.949 mln barrels per day, Saudi Arabia’s at 10.478 mln bpd, Iraq’s at 4.431 mln bpd, Kuwait’s at 2.676 mln bpd, Kazakhstan’s at 1.628 mln bpd, Algeria’s at 1.007 mln bpd...
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Total News Sources80
Leaning Left15Leaning Right11Center15Last UpdatedBias Distribution37% Left, 36% Center
Bias Distribution
- 37% of the sources lean Left, 36% of the sources are Center
37% Left
L 37%
C 36%
R 27%
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