◂ Event Timeline

Nov 1, 2026POLICYGlobal

OPEC+ keeps December oil output targets steady ahead of tougher call for 2027

OPEC+ kept December 2026 oil production targets unchanged at an online meeting of seven core members on Sunday. Analysts said the more important decision on 2027 quotas will come at a November 29 ministerial meeting.

Brent settled near $118 on Friday, its highest since April, as traders priced in possible escalation in the Iran war.

WHY IT MATTERS

Unchanged targets add no barrels while Gulf exports remain disrupted and most members pump below quota, so near-term supply is not expanded. Attention shifts to 2027 quotas, where forecasters warn of excess supply, which could weigh on crude and related energy-linked feed costs later.

AFFECTSCrude Oil (WTI)◆Crude Oil (Brent)◆

9 SOURCES
au.investing.comNov 1, 2026
ca.investing.comNov 1, 2026
nypost.comReutersNov 1, 2026
ainvest.comNov 1, 2026
channelnewsasia.comNov 1, 2026
engineeringnews.co.zaReutersNov 2, 2026
marketscreener.comReutersNov 1, 2026
moneycontrol.comReutersNov 1, 2026
wsj.comGiulia PetroniNov 1, 2026

Price reaction & history

Crude Oil (WTI)◆neutralSO FAR1d -1.2%5d —20d —

After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% over 20.

Oct 4, 2026OPEC+ agrees to keep November oil output targets steady+0.8%
Oct 1, 2026OPEC+ agrees to keep November oil output targets steady-2.3%
Oct 28, 2026Opec+ agrees in principle to keep oil output targets steady in December, sources say - The Business Times-2.1%
Jan 4, 2026OPEC+ keeps oil output steady amid turmoil among members | Reuters+3.1%
Feb 1, 2023OPEC+ keeps output steady amid uncertainty on China and Russia-2.2%

Crude Oil (Brent)◆neutralSO FAR1d -3.4%5d —20d —

After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.

Oct 4, 2026OPEC+ agrees to keep November oil output targets steady-0.9%
Oct 1, 2026OPEC+ agrees to keep November oil output targets steady+2.6%
Oct 28, 2026Opec+ agrees in principle to keep oil output targets steady in December, sources say - The Business Times-4.7%
Jan 4, 2026OPEC+ keeps oil output steady amid turmoil among members | Reuters+4.7%
Feb 1, 2023OPEC+ keeps output steady amid uncertainty on China and Russia-0.8%

Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.

Crude Oil (WTI) WTI · GP ▸

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Crude Oil (Brent) BRENT · GP ▸

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