Seven OPEC+ producers have agreed to leave their oil production targets unchanged for December, extending an earlier freeze while war-related disruption limits how much crude reaches buyers. The decision was agreed on Sunday, 1 November, and covers Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.

Together, those seven will maintain combined targets of 31.01 million barrels per day: Saudi Arabia 10.478 million, Russia 9.949 million, Iraq 4.431 million, Kuwait 2.676 million, Kazakhstan 1.628 million, Algeria 1.007 million and Oman 841,000.

Targets do not match actual supply

The headline targets describe permission rather than delivery: most of the seven are pumping below permitted levels, because Gulf exports have been disrupted by the Iran war. That gap helps explain why an unchanged quota has not calmed the market.

OPEC's October report put wider OPEC+ output at 39.07 million barrels per day in September, up about 903,000 from August. Brent still averaged $102.02 a barrel in September, up $13.94 from August, as disruption and shipping-route concern pushed prices higher.

Shipping costs underline the strain

Freight rates for very large crude carriers from the Middle East to Asia jumped 88 per cent in September, according to OPEC. The Strait of Hormuz remained severely affected: a World Trade Organization tracker recorded its crude export voyage intake index at zero throughout October 2026.

On Monday, 2 November, Brent crude fell 3.2 per cent to $109.75 a barrel by the morning, while United States crude dropped to $100.69. The fall was linked mainly to hopes around a third consecutive day of talks between Iran and Qatar, rather than to the OPEC+ decision itself. Producers are due to meet again on 29 November to review conditions ahead of 2027.

Sources: AnewZ, OPEC October Monthly Oil Market Report as reported by AnewZ.