Overview
- OPEC+'s seven core members decided on Sunday, Oct. 4, to keep required production levels for November unchanged, extending a pause that began in October.
- The group agreed to keep an additional two million barrels per day of cuts in place through year-end and confirmed it finished unwinding 1.65 million bpd of 2023 voluntary cuts in September.
- Most members are still pumping below their official targets because fighting that began on Feb. 28 has effectively closed the Strait of Hormuz and disrupted Gulf exports.
- Actual output remains well below pre‑war levels — core members produced about 25 million bpd in August, roughly 5 million bpd less than February — helping keep Brent and WTI prices near $102 and $91 a barrel respectively.
- OPEC+ will hold monthly market reviews, with the next meeting set for Nov. 1, as a delayed capacity review will determine how 2027 quotas are distributed and could affect prices and supply for importers and refiners.