The move marks the second straight month without a production hike, even as actual output remains nearly 6M bpd below targets. While the group added 1.16M bpd to targets since April, delivery has been hindered by US naval blockades on Iranian crude, drone strikes on Russian refineries, and oversight of Venezuelan exports. The coalition, including Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, will meet again on Nov. 1. UAE Energy Minister Suhail Al Mazrouei signaled support for the group despite the UAE having left OPEC on May 1.
Tuesday, October 20, 2026
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OPEC+ Keeps November Oil Production Steady in Second Straight Freeze
Commodities16 days ago
Brent crude prices have remained above $100 a barrel after Saudi Arabia and six other producers agreed to lock in production limits for the coming month during a virtual summit on Sunday. The members of the OPEC+ group will keep November output targets unchanged from September 2026 levels to maintain market stability. This decision follows a period of severe disruption in the Middle East that has left Gulf exports running at only 60% to 80% of normal levels.
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