OPEC+ expected to keep November oil targets steady

OPEC+ is expected to keep November oil production targets unchanged when seven key members meet virtually on Sunday, although sources say no final decision has been made. The meeting comes as Gulf producers increase exports after disruptions linked to the Iran conflict, while many members continue to pump below their official targets; the seven producers supplied about 25 million barrels per day in August, still roughly 5 million below February levels. The group completed the phaseout of a 1.65-million-barrel-per-day cut in September, but a separate round of cuts affecting most members remains in place through the end of 2026. A review of members’ production capacity is expected to inform the 2027 quota baselines and future decisions on easing those restrictions.