Seven core OPEC+ members left November production ceilings unchanged at a Sunday meeting, with the next review set for 1 November.
Seven core members of OPEC+ agreed on Sunday to keep oil production targets steady for November, Reuters and CNBC reported. The online meeting covered Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
CNBC said the decision matched expectations that further output-policy changes are unlikely until next year. The National, citing the group's statement, said the seven would maintain September 2026 required production for November, extending a pause that began in October after months of gradual increases. The next meeting is set for 1 November.
Gulf producers have been pumping well below targets while exports from the war involving Iran remain disrupted, CNBC reported. UBS analyst Giovanni Staunovo told CNBC the ceilings were unchanged and that output remained well below quota, leaving the market tight. CNBC said the seven pumped 25 million barrels a day in August, up 630,000 barrels a day from July but still about 5 million barrels a day below pre-war February levels, citing OPEC data.
The National said the group finished unwinding 1.65 million barrels a day of voluntary cuts from 2023 in September and is keeping a further 2 million barrels a day of cuts, agreed in 2022, in place until the end of the year. It is also reviewing members' production capacity for 2027 quotas.
The statement said the seven will keep holding monthly meetings to review market conditions. No new volume was added for November.
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- Staunovo said the oil market remains tight even with the ceilings unchanged.