Opec+ keeps oil output targets unchanged for November
Opec+ kept its oil production targets unchanged for November, extending the pause it began in October after six months of gradual increases. The group's seven core members decided at a Sunday meeting to maintain September 2026 required production for November 2026, with joint quotas for the seven amounting to 31 million bpd. Most members are producing below their targets because of the war, and the Strait of Hormuz has been effectively shut since fighting between the US and Iran started on February 28.
Why it matters: The hold in Opec+ supply policy leaves actual output dependent on the closure of the Strait of Hormuz, tying oil prices to energy security rather than to quota decisions alone.