OPEC+ agrees to keep November oil output targets steady

Iraq: Iraq is a core OPEC+ member and significant oil producer in the Middle East. It participates in the group's ministerial discussions on output targets. Iraq is part of the Sunday meeting addressing November production levels. Oman: Oman is a core OPEC+ member outside formal OPEC that contributes to coordinated output decisions. Its production is factored into the group's targets and reviews. Oman joins the Sunday meeting of seven core members. OPEC+: OPEC+ is a coalition of oil-producing countries that includes the Organization of the Petroleum Exporting Countries and non-OPEC allies such as Russia. It coordinates production policies to influence global oil markets and stabilize prices. In this news, the group reached an in-principle agreement to maintain November output targets amid ongoing regional disruptions. Kuwait: Kuwait is a founding OPEC member and core participant in OPEC+ output coordination. Its production contributes to the group's overall targets and compliance. Kuwait is included among the seven core members reviewing the November decision. Russia: Russia is a leading non-OPEC member of the OPEC+ alliance and a major global oil producer. It participates in joint decisions on output levels alongside core Gulf members. Russia is involved in the current agreement to hold November targets steady. Algeria: Algeria is an OPEC member and core OPEC+ participant with notable oil and gas output. It joins the ministerial meetings on production policy. Algeria is one of the countries involved in maintaining steady November targets. Kazakhstan: Kazakhstan is a non-OPEC ally in the OPEC+ group and a key oil producer in Central Asia. It takes part in the alliance's quota and target discussions. Kazakhstan participates in the core members' meeting on production stability. Alex Lawler: Alex Lawler is a Reuters energy correspondent focused on OPEC+ and oil production matters. He participated in the reporting of the in-principle agreement and related market context. Saudi Arabia: Saudi Arabia is the largest oil producer within OPEC and a key driver of OPEC+ policy decisions. It is one of the seven core members meeting to discuss production matters. Saudi Arabia's output is affected by the broader group agreement and regional export issues. Ahmad Ghaddar: Ahmad Ghaddar is a Reuters journalist covering energy markets and OPEC+ developments. He contributed to reporting on the group's agreement in principle for November output targets. David Goodman: David Goodman is a Reuters editor overseeing coverage of international energy news. He edited the report on OPEC+'s November output targets and capacity review delays. Olesya Astakhova: Olesya Astakhova is a Reuters reporter specializing in Russian and global energy issues. She helped report on the OPEC+ sources confirming the steady November targets. Dmitry Zhdannikov: Dmitry Zhdannikov is a Reuters journalist writing on energy policy and OPEC+ affairs. He authored the article detailing the group's decision and the impact of regional conflicts. Joint Ministerial Monitoring Committee: The Joint Ministerial Monitoring Committee (JMMC) is a subgroup within OPEC+ tasked with reviewing oil market conditions and compliance. It does not set policy but provides analysis ahead of ministerial decisions. The JMMC is scheduled to meet on Sunday alongside the core members' discussions. Organization of the Petroleum Exporting Countries: The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental body of major oil exporters focused on coordinating petroleum policies among its members. It forms the core of the broader OPEC+ alliance. The organization is central to the reported decision on steady production targets for November. Output Policy: OPEC+ has pursued gradual increases in production targets during 2026 while actual output from core members remains constrained by Middle East developments. Conflict Impact: The ongoing US-Israeli war on Iran continues to disrupt Gulf oil exports and create uncertainty around future production capacity. Capacity Planning: A delayed capacity review is required to determine 2027 quotas and allocate any future output changes among members.