OPEC+ Maintains November Oil Output Amid Iran Conflict

The Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have agreed to keep their oil production targets unchanged for November 2026. This decision was made during a virtual meeting involving seven key members: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

Nigeria did not participate in the meeting due to its historical difficulties in meeting OPEC production quotas, focusing instead on restoring its production capacity. The seven countries reaffirmed their commitment to maintaining the production levels set for September 2026 and achieving full conformity with the Declaration of Cooperation.

The ongoing disruptions linked to the Iran war have kept actual oil output significantly below the official quotas. Despite an increase in production to about 25 million barrels per day in August 2026, this figure remains approximately 5 million barrels per day below pre-war levels.

The tight oil market has supported crude prices, with Brent crude remaining above $100 a barrel.