OPEC+ keeps November oil production targets unchanged — The National

In the UAE, OPEC+ kept its oil production targets for November 2026 unchanged, extending a pause that began in October after six months of gradual production increases. This was reported by The National.

Decision of seven countries

Saudi Arabia, Iraq, Kuwait, Oman, Algeria, Russia — an aggressor state — and Kazakhstan decided at a meeting on Sunday to maintain for November the required production level set for September 2026.

In September, the group completed the unwinding of voluntary production cuts of 1.65 million barrels per day introduced in 2023. At the same time, another 2 million barrels per day in cuts, agreed in 2022, will remain in force until the end of 2026. OPEC+ is also reviewing the production capacities of its members to determine quotas for 2027.

More current news is available on the UA.News Telegram channel Telegram.

Oil market

The countries agreed to hold monthly meetings to assess the market situation; the next one is scheduled for November 1. According to the publication, most participants are producing below their set targets because of the war.

The Strait of Hormuz, through which approximately one-fifth of the world's crude oil and liquefied natural gas was transported, has effectively been closed since the start of hostilities between the United States and Iran on February 28.

On Friday, Brent crude closed almost unchanged at $102.25 per barrel. U.S. WTI fell by 1.9% to $91.11 per barrel. Compared with the previous week's close, Brent lost nearly 2%, while WTI fell 1.4%. At the end of April, prices reached an intraday high of $126 per barrel.