OPEC+ Monitoring Committee Keeps November Oil Production Targets Unchanged

The OPEC+ Joint Ministerial Monitoring Committee agreed on Sunday to keep oil production targets unchanged for November as the group continues to assess market conditions and risks to global energy supplies.

The decision was taken during the committee’s 68th meeting, held by videoconference. Ministers reviewed developments in the oil market and reaffirmed the importance of the Declaration of Cooperation between OPEC members and participating non-OPEC producers.

The committee also highlighted concerns over the security of international maritime shipping routes, saying safe and uninterrupted transportation was essential to maintaining global energy supplies.

It warned that attacks on energy infrastructure and disruptions to maritime routes could affect oil availability and increase volatility in energy markets. The committee said damaged energy facilities can take significant time and financial resources to restore to full operating capacity, potentially affecting supplies during the recovery period.

“Any actions that undermine the security of energy supplies,” including attacks on infrastructure or disruptions to international maritime routes, could increase market volatility and weaken collective efforts under the Declaration of Cooperation, the committee said.

The group reviewed crude oil production data for July and August 2026 and noted the continued commitment of OPEC members and participating non-OPEC oil-producing countries to the production agreements reached under the OPEC+ framework.

The committee said it would continue monitoring compliance with production adjustments agreed at the 38th OPEC and non-OPEC ministerial meeting, held on Dec. 5, 2024.

The production agreements form part of efforts by OPEC+ to manage supply levels and support stability in the global oil market. The alliance has been gradually adjusting output targets after years of production cuts as members seek to balance market supply with demand.

The monitoring committee said it would continue to assess market developments and compliance with agreed production levels. It also retained the authority to hold additional meetings if market conditions require a response.

The committee can also recommend or call for an OPEC and non-OPEC ministerial meeting in line with the decisions reached at the 38th ministerial meeting.

The decision to keep November targets unchanged follows continued uncertainty in global oil markets, including concerns over supply security and the safety of key maritime routes used to transport crude and refined products.

The committee’s next meeting, the 69th, is scheduled for Nov. 29. Ministers are expected to review the latest market data and production figures at that meeting before considering whether any changes to output arrangements are needed.