OPEC+ Set to Maintain November Oil Output Targets

Seven OPEC+ members agreed Sunday to keep oil production targets unchanged for November. The decision came as the ongoing Iran war holds Brent crude above $100 a barrel.

• Brent crude was about $73 per barrel before the Iran war began in late February.
• 25 million barrels per day: what the seven core members pumped in August.
• 5 million bpd below prewar February levels, per OPEC data.
• Gulf producers' exports have fluctuated at 60% to 80% of normal levels recently.

Why it matters: The war has disrupted exports and kept the market tight despite paper increases to output targets throughout 2026.

• Diesel prices hit record highs in the U.S., squeezing farmers, truckers, and consumers.
• The G7 plans to release 100 million barrels of oil and fuel products to ease pressure.

How 8 sources split on this story

What’s next: The seven members hold their next policy meeting Nov. 1.

• Output changes are unlikely before 2027, industry sources told Reuters.
• The G7 promised a diesel release starting within 20 days, with the rest over four months.
• Whether the capacity review can resume before year-end, given ongoing export uncertainty from the Iran conflict.
• How much of the G7 reserve release will move diesel prices, and how quickly.
• When OPEC+ actual output might recover toward its 2 million bpd in remaining cut targets.