November 1, 2026 — Seven core members of OPEC+ are expected to keep their December oil production targets unchanged at an online meeting on Sunday, according to sources cited by Reuters.

The expected decision would extend the group’s current approach after output targets were held steady for October and November. Producers are balancing market stability against the need to restore exports disrupted by months of conflict and regional instability.

Gulf exporters have been working to recover shipments affected by the US-Iran war, while several countries remain below their official production targets. The gap between quotas and actual output complicates assessments of how much oil is reaching international markets.

OPEC+ completed the phased unwinding of a 1.65-million-barrel-per-day production cut in September. A separate reduction of around two million barrels per day remains in place for most participating members through the end of 2026.

The group is also reviewing members’ production capacity during the fourth quarter. Those assessments are expected to inform the baseline levels used to calculate national quotas for 2027 and could influence how remaining cuts are handled.

Energy markets will be watching both the formal decision and any signals about future supply policy. Geopolitical disruptions, shipping risks and the pace at which exporters restore production remain important uncertainties for oil prices.

Source: Reuters, November 1, 2026. Featured image is an illustrative photograph of an oil tanker and is not a specific OPEC+ vessel.