OPEC+ announced on Sunday that it will maintain its current oil production targets for November, adhering to expectations that no significant changes to output policies will occur until next year. The decision came during a brief online meeting attended by the group’s seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. These countries represent the principal producers within the Organization of the Petroleum Exporting Countries and its allied partners.

Producers in the Gulf region have been operating below their established output targets due to ongoing export disruptions linked to the conflict involving the United States, Israel, and Iran. These interruptions have caused export levels to fluctuate between 60% and 80% of normal capacity.

Oil prices experienced a decline on Friday following an agreement among European leaders to release diesel reserves at the request of then-U.S. President Donald Trump, aiming to mitigate supply concerns. Despite this temporary fall, Brent crude prices have remained elevated, holding above $100 per barrel. This marks a significant increase compared to levels around $73 a barrel before the conflict involving Iran began in late February.

The ongoing Iran conflict has also delayed OPEC+’s review of production capacity—an assessment that is critical in setting output quotas for member countries extending through 2027. Sources indicated that the uncertainty created by the conflict has complicated efforts to project future production capabilities accurately, contributing to the postponement of this crucial review.