Seven OPEC Plus producers have agreed to keep their November oil production targets unchanged as disruptions linked to the war involving Iran continue to keep actual Gulf output below official quotas.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman reached the decision during a virtual meeting, agreeing to maintain their September 2026 required production levels for November. They also restated their commitment to compliance with the Declaration of Cooperation that guides coordinated production policy.
Nigeria did not participate in the meeting of the seven producers. The supplied report said Nigeria’s focus has remained on rebuilding output and meeting its existing OPEC quota rather than joining the additional voluntary reductions undertaken by the group.
The decision came as oil exports from parts of the Gulf remained below normal levels following the conflict involving the United States, Israel and Iran. Although movements through the Strait of Hormuz had improved, the report said physical supply remained significantly below the targets set by the alliance.
OPEC data cited in the report showed that the seven producers pumped about 25 million barrels per day in August, roughly 630,000 barrels per day more than in July but about 5 million barrels per day below their combined production before the conflict began in February.
The supply disruption has supported crude prices even as major economies attempt to manage the effect of higher energy costs. Brent crude was reported above $100 a barrel, compared with about $73 before the war.
The conflict has also complicated an OPEC Plus review of members’ sustainable production capacity, which is expected to influence the allocation of future production increases. With the assessment delayed, major changes to individual quotas are considered unlikely before 2027, according to the supplied report.
The seven producers are scheduled to meet again on November 1 to reassess market conditions. The Joint Ministerial Monitoring Committee also reviewed the market, although it does not set production policy.
