OPEC+ Likely to Hold November Output Targets Steady at Sept. 30 Meeting

LONDON, Sept. 30, 2026 — OPEC+ is expected to keep oil production targets unchanged for November at its Sept. 30 meeting, according to two sources familiar with the matter. The sources spoke anonymously, and no final decision has been made. The online meeting of seven core members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — comes as Gulf producers ramp up exports disrupted by the Iran war, though most remain below their quotas. OPEC data showed the group pumped 25.0 million barrels per day in August, up 630,000 bpd from July but roughly 5 million bpd below pre-war February levels. OPEC+ held targets steady for October and completed a 1.65 million-bpd phased cut rollback in September. A further 2 million bpd in cuts remains in place through end-2026. A capacity review by consultant DeGolyer and MacNaughton, needed to set 2027 baselines, is due soon. The Joint Ministerial Monitoring Committee also meets Sept. 30.