OPEC+ set to keep November oil output targets steady

 OPEC+ is set to keep oil production targets steady for November, three sources close to the matter said ahead ⁠of the group's meeting on Sunday.
Gulf OPEC+ producers have been ⁠pumping well below output targets in the face of continuing export disruptions from the US-Israeli war on Iran, with exports fluctuating at 60-80% of normal levels ‌in recent months.
The war has also ​delayed the group's ⁠output capacity review - crucial to determine members’ ​2027 output quotas - because it has ‌thrown estimates of future production potential into uncertainty, industry sources have said.
The OPEC+ group, comprising ​the Organization of the Petroleum Exporting Countries and allies including Russia, has agreed in principle to keep targets steady for November, the three sources close to the talks said.
OPEC+ has been raising output targets for much ‌of 2026 after years of production cuts, but most of the ​increases stayed on paper because of the Middle East conflict.
The seven ​core ‌OPEC+ ⁠members pumped 25 million barrels per day in August, up 630,000 bpd from July, yet still roughly 5 million bpd below prewar ​levels in February, OPEC data shows.
OPEC+ still has ⁠about 2 ​million bpd of output cuts in place covering most members. It needs a capacity review to decide how to distribute increases and any changes to output are unlikely before 2027, sources have said.
The ​group's seven core members meeting on Sunday are ​Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.