OPEC Plus Holds November Oil Output Steady

The seven core OPEC Plus members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, decided in an online meeting on Sunday, October 4, 2026 (12 Mehr 1405) to keep their November oil output targets unchanged, a decision Reuters said was in line with market expectations. Gulf OPEC Plus producers continue to pump well below their stated targets because of disruption from the US and Israeli war against Iran, with their exports fluctuating between 60 and 80 percent of normal levels in recent months. These seven countries had also announced a coordinated release of 100 million barrels from strategic energy reserves to prevent a sharper price shock, a move that helped oil prices ease slightly last Friday. Brent crude nonetheless remains above $100 a barrel, compared with roughly $73 before the Iran war began in late February. OPEC data shows the seven produced 25 million barrels per day in August, up 630,000 bpd from July, but still about 5 million bpd below pre war February levels. The group's next meeting is set for November 1 (10 Aban).