OPEC+

Force in Play

Approved emergency production increase for April 2026

Oil prices have fallen sharply. Brent touched $89.65 on November 10, its lowest since August 31, and traded near $92, about 23% below the October 30 peak near $118. President Trump said he would hold off on further strikes on Iran after appeals from regional countries, while keeping the US naval blockade in the Strait of Hormuz.

Updated Yesterday

Force in Play

Increasing production to offset Hormuz disruption

A U.S. fighter jet destroyed an Iranian surface-to-air missile launcher on Qeshm Island on the night of Nov. 2, after the Revolutionary Guard fired at an American aircraft over the Strait of Hormuz, Axios reported. A U.S. official called the strikes on Iranian targets in the strait 'defensive,' and they came the night before midterm elections.

Updated 2 days ago

Built World

Held December targets; Iraq seeks a higher 2027 quota before the November 29 meeting

Seven OPEC+ countries left December production targets unchanged on November 1, the third straight month without an adjustment. The targets sit above what several members actually pump because the Iran war has disrupted Gulf exports.

Updated 3 days ago

Built World

Met November 1 with Saudi output below quota and Brent at $116.

Brent reached $116 a barrel by November 1 as OPEC met and Saudi Arabia's economy contracted 3.8% under the cost of the war and disrupted oil exports. Saudi Arabia restarted the East-West pipeline and resumed loadings at Yanbu in late September, but attacks on tankers in the Strait of Hormuz kept traffic about 70% below prewar levels. The U.K. Maritime Trade Operations center recorded 144 maritime incidents in the Hormuz region since February 28, making October the worst month of the war.

Updated Nov 1

Money Moves

Kazakhstan is a member with production quotas

Kazakhstan's economy grew 4.2% in the first nine months of 2026 while oil output fell 8.3%. President Kassym-Jomart Tokayev told a Republic Day ceremony on October 23 that GDP is approaching $350 billion and output per person has passed $15,000, roughly 30% higher than in 2019.

Updated Oct 30

Force in Play

As of September 2026: Held output unchanged September 6, leaving little spare supply to offset disruption

Brent crude crossed $100 on September 9 for the first time since July, after Iran attacked 10 ships near the Strait of Hormuz and the US destroyed five Iranian tankers. Prices retreated below $100 by September 21 as Trump signaled openness to talks and satellite data showed Saudi oil flows through the strait recovering to 2.9 million barrels a day, up from 700,000 in August.

Updated Sep 21

Built World

As of June 2026: Setting output policy with one major member fewer

For decades, every OPEC+ output decision had the United Arab Emirates in the room, usually pushing to pump more. On Sunday, ministers met in Vienna without it for the first time. The UAE's exit took effect May 1 and pulled about 3.5 million barrels a day out of the group's quota math.

Updated Jun 7

Money Moves

As of May 2026: Loses second-largest Gulf producer

The United Arab Emirates joined OPEC in 1967, when crude sold for under $2 a barrel. On May 1, 2026, after fifty-nine years, it walks out—taking roughly 13% of OPEC's production capacity, according to the International Energy Agency.

Updated May 31

Money Moves

As of May 2026: Holding 3.24 million barrels per day in cuts, delaying planned unwind

Brent crude averaged $80 per barrel in 2024. The U.S. Energy Information Administration now forecasts it will fall to $58 in 2026 and $53 in 2027—a decline of more than one-third in three years. The reason: global oil production is growing faster than demand, and inventories are piling up at a rate not seen since the pandemic.

Updated May 27