Seven OPEC+ countries, including Saudi Arabia and Russia, agreed on October 4 to keep their November oil production targets unchanged from September. The widely anticipated decision comes as geopolitical tensions and ongoing Middle East export disruptions constrain global supply. Brent crude prices remain above $100 per barrel.
Despite nominal target increases earlier in 2026, several key members have produced well below their quotas because of the conflict. The decision reinforces the tight supply outlook. OPEC+ is scheduled to review market conditions on November 1.