Seven OPEC+ Countries Keep November Oil Output Targets Unchanged

Seven OPEC+ countries have agreed to retain their September oil production requirements for November, following a virtual meeting on 4 October.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman announced the decision after reviewing market conditions and the outlook. The group said it would continue monthly meetings, with the next scheduled for 1 November.

The joint announcement concerns the seven participating countries that previously announced additional voluntary production adjustments in April and November 2023. It does not announce a change to production requirements for every country in the wider OPEC+ partnership.

The countries reaffirmed their commitment to comply with the Declaration of Cooperation, the agreement through which participating OPEC and non-OPEC producers coordinate production policy.

Monitoring Committee Raises Supply-Security Concerns

In a separate meeting on 4 October, the Joint Ministerial Monitoring Committee warned about risks to energy supplies from attacks on infrastructure and disruption to international maritime routes.

The committee said restoring damaged energy facilities to full capacity was costly and time-consuming. It linked those disruptions to reduced supply availability and greater market volatility.

Its meeting statement stressed the importance of keeping international shipping routes open to allow energy supplies to move without interruption. The statement did not name a particular attacker or identify an individual damaged installation.

The committee reviewed crude production data for July and August and noted overall compliance among the OPEC and non-OPEC countries participating in the cooperation agreement. It said monitoring would continue against the adjustments agreed at the December 2024 ministerial meeting.

Two Separate Meeting Schedules

The seven-country group’s next monthly review is scheduled for 1 November. The monitoring committee’s next regular meeting is set for 29 November.

The monitoring committee retains the ability to convene additional meetings or request a wider OPEC and non-OPEC ministerial meeting. Its statement identifies that authority as part of the arrangements established at the December 2024 meeting.