OPEC+ Expected to Maintain Oil Production Quotas for November, Sources Say

The OPEC+ alliance is likely to maintain its current crude oil production quotas for November when key members meet this weekend, according to two delegates familiar with the discussions. The decision would signal the group's intent to stick with its existing output roadmap amid a complex global market.

No Changes Expected

Key members of the alliance, led by Saudi Arabia and Russia, are expected to approve the group's current plan, which would result in no change to November's output targets. While OPEC+ has formally unwound the production cuts it implemented in 2023, these increases have been largely symbolic.

Many member countries are struggling to ramp up their actual output due to years of underinvestment, sanctions, and operational disruptions. This has left millions of barrels of production capacity offline, meaning the group's official quota increases have not translated into a significant rise in physical supply to the market.

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Future Policy Outlook

The delegates also indicated there is a plan to keep a separate tranche of production, which was suspended in 2022, offline until at least the end of the year. Any decision to reactivate this supply would be a significant challenge for the producer group.

Looking further ahead, the alliance's policy direction will be heavily influenced by a new assessment of member countries' production capacities. This review is scheduled to be completed this week and will be presented to oil ministers for consideration at a formal meeting on November 29.