OPEC+ Maintains November Production Levels Amid Regional Instability

OPEC+ is expected to maintain its current oil production quotas for November as the group navigates ongoing supply chain volatility. According to insiders familiar with the matter, the alliance—led by key producers including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman—reached a preliminary agreement to keep targets unchanged during their upcoming Sunday session. The decision comes as regional conflict continues to disrupt exports, which have recently fluctuated between 60% and 80% of typical volumes. While OPEC+ had been working toward increasing output throughout 2026, these efforts have largely remained theoretical due to the geopolitical climate. Data indicates that while the seven core members produced 25 million barrels per day (bpd) in August—an increase of 630,000 bpd from July—this figure remains approximately 5 million bpd below the levels recorded in February. Furthermore, the instability has forced a delay in the group’s capacity review, a critical step for establishing 2027 quotas. With roughly 2 million bpd in production cuts still active, analysts suggest that significant adjustments to output policy are unlikely until at least 2027.