◂ Event Timeline

Nov 1, 2026POLICYGlobal

Opec+ keeps output targets steady as oil nears $120

OPEC+ kept output targets unchanged ahead of a tougher decision on 2027 quotas, with all 21 members due to meet on November 29. Oil was reported as nearing $120 following the recent rally.

WHY IT MATTERS

A steady quota signals no added supply near term, while the 2027 outcome will determine whether excess supply emerges. Crude strength feeds into energy and freight costs for feed buyers.

AFFECTSCrude Oil (Brent)◆

SOURCE
businessday.co.zaReuters AgencyNov 1, 2026

Price reaction & history

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 1, 2026OPEC+ agrees to keep November oil output targets steady+2.6%
Oct 4, 2026OPEC+ agrees to keep November oil output targets steady-0.9%
Jan 4, 2026OPEC+ keeps oil output steady amid turmoil among members | Reuters+4.7%
Oct 28, 2026Opec+ agrees in principle to keep oil output targets steady in December, sources say - The Business Times-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 (Brent) BRENT · GP ▸

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