The OPEC+ oil producer group has officially confirmed its decision to keep oil production quotas unchanged in November, with seven major oil-producing countries agreeing to maintain current output levels as the Iran conflict disrupted global supplies and pushed benchmark Brent crude above $100 a barrel. According to AP, the OPEC+ subgroup comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman made the decision, with the group scheduled to meet again on Nov. 1 to assess oil market developments and decide whether any output adjustment is needed. This decision represents a continuation of the current production strategy, with the group having already signaled it would pause production quota hikes through the end of this year after agreeing modest increases through August. The agreement comes as oil futures have crept back up to the $100-a-barrel mark and diesel has hit records at the pump amid ongoing Middle East conflict, with the Group of Seven nations releasing emergency stocks amid the ongoing conflict.
The OPEC+ oil producer group has officially delayed its capacity review until mid-November 2026, originally scheduled for completion by the end of September, as the US-Israeli war on Iran continues to disrupt projects designed to expand production across the Middle East. According to Reuters, the review was intended to provide an independent assessment of the maximum amount of oil each member can sustainably produce, but determining that figure has become more difficult as the conflict has delayed projects and thrown estimates of future production potential into uncertainty. The consultancy DeGolyer and MacNaughton is conducting the review for OPEC+ members except Russia, Iran and Venezuela, which are under U.S. sanctions, with the report now expected to be submitted by mid-November to give the organization time to consider findings before the next group-wide meeting.
Gulf OPEC+ producers have been pumping well below output targets in recent months due to continuing export disruptions from the US-Israeli war on Iran. According to Business Standard, exports have been fluctuating at 60-80% of normal levels in recent months, significantly impacting the group's production capabilities. The war has also blunted the impact of any decisions the group has made because production in leading OPEC members such as Saudi Arabia, Iraq and Kuwait remains significantly below levels pumped before the conflict. The fighting that began with U.S. and Israeli attacks on Iran on Feb. 28 has disrupted flows and contributed to a sharp increase in crude prices, with the Group of Seven nations releasing emergency stocks amid the ongoing conflict.
The Group of Seven wealthy democracies plans to release 100 million barrels of oil and refined fuel products to ease pressure on global energy markets, as reported by AP. The G7 plans to begin the release with substantial volumes of diesel, with supplies expected to be frontloaded over the next 20 days, while the remaining volumes are expected to be released over four months. The planned release represents an effort by major economies to cushion the impact of supply disruptions and rising energy costs as the conflict continues to affect global oil markets. Diesel prices have recently climbed to record highs in the United States, increasing costs for farmers, truck operators and consumers reliant on the fuel, with the European diesel stock release and droned tankers in the Strait of Hormuz further complicating the situation.
The seven core OPEC+ members have been producing 25 million barrels per day in August, representing an increase of 630,000 bpd from July, yet still roughly 5 million bpd below prewar levels from February, as per OPEC data reported by Business Standard. The group still maintains about 2 million bpd of output cuts covering most members, with most of the increases that were planned for much of 2026 staying on paper due to the Middle East conflict. The alliance's next decision will be whether to restore another layer of halted output taken offline in 2022, a complicated process likely to be shaped by the outcome of an ongoing audit of members' production capacity. Policy for next year will be settled at a full ministerial meeting on November 29, when members must consider both the assessment and the wider outlook for oil demand, supply and geopolitical risk.
