OPEC+ keeps November 2026 oil output at September levels
Why in the news
On 4 October 2026, seven core members of OPEC+ agreed in a virtual meeting to hold their November 2026 crude production at the levels required for September 2026. This is the second month in a row with no change.
Key facts
- Members: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
- Joint quota: roughly 31 million barrels per day (bpd) for November.
- The group has finished reversing the 1.65 million bpd voluntary cut announced in 2023, while a 2 million bpd cut agreed in 2022 stays until year-end.
- Most of these producers are currently pumping below their targets.
- The Strait of Hormuz, which carries about one-fifth of the world’s crude and LNG, has been effectively shut since US-Iran fighting began on 28 February.
- The 68th Joint Ministerial Monitoring Committee stressed the protection of sea routes and energy infrastructure, and the group will keep meeting monthly.
| Benchmark (Friday close) | Price | Weekly change |
|---|---|---|
| Brent | $102.25 per barrel | about 2% lower |
| WTI | $91.11 per barrel | 1.4% lower |
About the meeting
The decision came at the 68th Joint Ministerial Monitoring Committee meeting, held virtually. The group’s next meeting is set for 1 November 2026.
Exam angle
- Note the seven member countries and the unchanged quota decision.
- The Strait of Hormuz is a key chokepoint for India’s crude and LNG imports; high prices affect inflation and the current account deficit.
- Remember the Brent price of $102.25 per barrel.