Overview
- The seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — met online on Sunday and maintained the September/November production targets for December.
- Most producers are still pumping below their official targets because the US‑Iran war has intermittently closed or made transit through the Strait of Hormuz unsafe for many shipments.
- OPEC+ completed the phased rollback of a 1.65 million bpd voluntary cut in September while roughly 2 million bpd of earlier cuts remain in place through the end of 2026.
- A fourth‑quarter capacity review is underway and now expected to finish by mid‑November before the full 21‑member OPEC+ meeting on November 29 to set 2027 baselines and quotas.
- Markets have priced higher near‑term tightness into oil, with Brent around $118 a barrel, as recent tanker incidents and Houthi strikes raise shipping risks and leave open the possibility of a 2027 surplus if Gulf flows fully return.