OPEC and Allies to Maintain November Crude Production Quotas

OPEC and its allies, led by Saudi Arabia and Russia, intend to maintain steady crude production quotas for November. During a video conference this Sunday, the group is expected to ratify an existing roadmap to keep targets unchanged, following the nominal completion of the reversal of supply cuts implemented in 2023.

While some Middle Eastern oil flows are recovering after disruptions from the Iran war, millions of barrels of regional production remain offline. This has rendered previous target increases largely symbolic. The group plans to keep production halted since 2022 offline until at least the end of the year, a process hindered by under-investment and sanctions that have deteriorated production capacity.

Future policy for 2027 will be determined by a production capacity review scheduled for this week. Ministers will evaluate the findings of that review at a formal meeting on November 29.