OPEC+ Holds Oil Production Targets Unchanged for November

Seven OPEC+ producers agreed on October 4 to keep oil production targets for November unchanged from September levels.

• Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually and held November output at September levels.
• OPEC data shows the seven produced about 25 million barrels per day in August, roughly 5 million below pre-war February levels.
• OPEC cut its 2026 global demand growth forecast to 400,000 barrels per day from 600,000, the fifth consecutive monthly reduction.
• The group continues to apply production cuts of about 2 million barrels per day covering most members.