Two OPEC+ delegates said the group is likely to keep November crude production
quotas unchanged at a weekend meeting, continuing the current supply plan.
Members led by Saudi Arabia and Russia have largely completed a nominal rollback
of 2023 cuts and are expected to confirm stable November targets at a Sunday
video meeting. Although OPEC+ agreed earlier to raise output gradually, conflict
in the Middle East—including Iran-related disruptions—has left some capacity
offline, leaving announced increases largely on paper. OPEC+ says some
capacity-restoration measures paused in 2022 will not be reconsidered until
after year-end; underinvestment, sanctions and other disruptions continue to
hinder a full return to prior output. Next year’s supply policy will depend on a
member capacity assessment due this week and will be discussed at the Nov. 29
ministerial meeting.
