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OPEC+ keeps November oil targets unchanged
OPEC+ core producers held their quotas as war-related export disruption kept actual supply below planned levels.
What happened
The seven core OPEC+ producers kept November output targets unchanged at an online meeting. The choice comes as the Iran war has disrupted oil exports, leaving Gulf production below quotas and pushing Brent crude above its pre-war level. The group will review market conditions next month.
Numbers
- Above $100Brent crude per barrel — Above its pre-war level
- 60%–80%Gulf exports versus normal levels — In recent months
- 25m barrels/dayCore members' August output — Measured by OPEC data
- 5m barrels/dayBelow pre-war production levels — For the core producers
Questions
- Who made the November decision?
- Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman made the decision in an online meeting of core OPEC+ members.
- Why are actual supplies lower?
- Gulf producers remain below targets because conflict-related export disruption has constrained flows through the Strait of Hormuz in recent months.
- How are consumers being affected?
- The G7 plans a reserve release of oil and fuel products, beginning with diesel, to ease pressure on fuel users.
- What policy review was delayed?
- The conflict delayed OPEC+'s review of production capacity, needed to set members' quotas for the following year.
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The catch
Unchanged targets do not mean unchanged output; actual production remains below quotas because exports are disrupted.
Targets and production differ.