Two sources with knowledge of the matter told Reuters that seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — are likely to maintain existing targets for November. The sources stressed that no final decision had been made.
The meeting comes as Gulf producers increase exports following months of disruption linked to the Iran conflict. Despite the recovery, several producers remain below their assigned production targets because of operational and logistical constraints.
The seven core members produced about 25 million barrels per day in August, an increase of 630,000 barrels per day from July but roughly 5 million barrels per day below pre-war levels recorded in February.
OPEC+ completed the phased rollback of a 1.65 million-barrel-per-day production cut in September. The group nevertheless retains another layer of cuts of around 2 million barrels per day covering most members through the end of 2026.
The decision to maintain November targets would give producers additional time to assess market conditions and the pace at which disrupted Gulf supply returns.
The group is also preparing for a broader discussion over 2027 production quotas. A review of members' production capacity is under way, with US consultancy DeGolyer and MacNaughton expected to submit a report that will help establish future production baselines.
Those baselines will influence how existing restrictions are managed and could shape the pace at which remaining supply constraints are removed.
The timing is significant for oil markets. Brent crude has remained above $100 a barrel as traders balance recovering Gulf exports against continued uncertainty surrounding the conflict, the Strait of Hormuz and refined-product availability.
A faster restoration of physical supply could reduce some pressure on crude prices, while renewed disruption could constrain exports regardless of formal OPEC+ targets.
The Joint Ministerial Monitoring Committee, a separate OPEC+ body without authority to set policy, will also meet on Sunday to review market conditions.
For producers, the immediate challenge is balancing market stability with the restoration of output capacity. For consumers, the pace of Gulf supply recovery remains a key variable for fuel prices and broader inflation pressures.
Republished from the existing Aldrenor collection. Aldrenor editorial archive.
