OPEC+ left November oil production targets unchanged on Sunday, Oct. 4, 2026, after the group's Joint Ministerial Monitoring Committee held its 68th meeting by videoconference from Riyadh.

The committee reviewed current conditions in the oil market and reaffirmed what it called the central role of the Declaration of Cooperation in supporting global energy market stability, according to a statement carried by the Saudi Press Agency.

What did the committee decide?

The panel agreed to keep output targets for November steady. It reviewed crude production data for July and August 2026 and noted the commitment of OPEC members and participating non-OPEC producing countries to the Declaration of Cooperation framework.

The committee reaffirmed that it will continue monitoring compliance with the production adjustments agreed at the 38th OPEC and non-OPEC ministerial meeting held on Dec. 5, 2024, under the OPEC+ cooperation framework.

Why the focus on shipping routes and infrastructure?

The committee stressed the importance of protecting international maritime shipping routes to ensure continuous and uninterrupted energy supplies. It also expressed concern over attacks targeting energy infrastructure, noting that restoring damaged facilities to full operating capacity is costly and time-consuming and could affect overall supply availability.

"Any actions that undermine the security of energy supplies," whether by targeting infrastructure or disrupting international maritime routes, could increase market volatility and weaken collective efforts under the Declaration of Cooperation, the committee said.

The language gives producers a framework for responding to supply disruptions without pre-committing to any specific output change — the panel retains the authority to hold additional meetings or call for a full OPEC and non-OPEC ministerial meeting, in line with the decisions of the 38th ministerial meeting.

What happens next?

The committee said it will closely monitor market conditions between now and its next gathering. The 69th JMMC meeting is scheduled for Nov. 29, 2026.

For refiners and crude buyers, the watch item is twofold: whether attacks on energy infrastructure or disruptions to maritime routes force the panel to exercise its authority to convene an extraordinary ministerial meeting before Nov. 29, and whether compliance data for the coming months stay in line with the adjustments agreed in December 2024.