OPEC+ keeps November oil output steady, delays 2027 quota review

Reuters··SARU·Read original
4▲0 ▼2Impact / 5
Summary · why it matters

OPEC+ decided at its October 4 meeting to hold its November oil production target steady, in line with market expectations. Seven core members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — jointly agreed to keep the target unchanged. OPEC+ also postponed its review of production capacity for all members, which had originally been due for completion in September 2026, with the results now expected in mid-November; that data will feed into the setting of oil production quotas for 2027. Although OPEC+ has repeatedly raised its production targets through 2026, it has in practice been unable to actually increase output because of conflict in the Middle East. The seven core members produced a combined 25 million barrels per day in August, up 630,000 barrels per day from July, but still below pre-war levels, when output reached 5 million barrels per day, and export volumes in recent months have run at roughly 60 to 80 percent of normal levels. Crude prices also fell on Friday, October 2, after European leaders endorsed President Donald Trump's call to release emergency diesel reserves into the market. Brent crude remains above 100 dollars a barrel, up from 73 dollars before the Iran war erupted in late February. OPEC+ currently still applies production cuts of about 2 million barrels per day across most member countries, and its next meeting is set for November 1.

Impact on assets 2

Others▼ · 2 stocks
⛏Brent Crude Oil Futures
BRENT
▼ NegativeSupplyrelevance

OPEC+ keeping November production unchanged and the release of emergency diesel reserves weighed on Brent, which fell on October 2 despite remaining above $100.

⛏Crude Oil WTI Futures
WTI
▼ NegativeSupplyrelevance

OPEC+ holding November output steady and unable to raise output keeps supply constrained, but the article's supply news is bearish for WTI as prices fell after the diesel reserve release and steady targets met expectations.

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