Oil producers ‌likely to keep their production targets steady

According to a Reuters report, OPEC+ oil producing countries are ‌likely to keep their oil production targets steady for November when they meet on Sunday.

The online meeting of seven core OPEC+ members, namely: ​Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — comes as ⁠Gulf members have been boosting exports that have been disrupted for months by the blockade of Strait of Hurmuz, although most are still pumping well below their output targets.

OPEC+ comprises the Organization ​of the Petroleum Exporting Countries and allies including Russia. OPEC and authorities in Russia did not immediately respond to requests for comment.

The group has been raising its output targets for most of the ​year but kept them steady for October.

In September it completed the phased rollback of a ​1.65 million-barrel-per-day supply cut first agreed in 2023.

Reuters reported in July that OPEC+ was likely to make ‌no changes ⁠to its targets during the fourth quarter as it turns its focus to 2027 quota negotiations. Disruption caused by the Iran war has meant Gulf producers are falling below their quotas.

OPEC data showed the seven core OPEC+ producers produced 25.0 million barrels per ​day in August, ​up 630,000 bpd from ⁠July yet still roughly 5 million bpd below pre-war levels in February.

OPEC+ still has one more layer of production cuts of ​about 2 million bpd covering most members through the end ​of 2026.

The ⁠group needs to finalize a review of members' production capacity before setting 2027 baselines that will determine future quotas and shape plans to unwind those cuts, sources have said.

A separate OPEC+ ministerial group called the Joint Ministerial Monitoring Committee (JMMC), which does not decide policy, ​also meets on Sunday to review the market.