OPEC+ held output flat for October with the Strait of Hormuz still shut. Will the group approve a November increase by Oct 6?
Community missed this one β 58% predicted YES.
OPEC+'s seven core members β Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman β met Oct. 4 and agreed to hold November production targets at September 2026 levels, declining to approve the output increase this question tracked. It was the second straight month the group opted to keep output unchanged, extending a pause that began in October after a run of monthly increases earlier in 2026. The United Arab Emirates, previously part of the core decision-making group, had withdrawn from that arrangement earlier in 2026, narrowing the circle to seven.
The group cited concerns about oversupply and soft demand signals even as oil prices remained elevated due to the continued closure of the Strait of Hormuz amid the Iran conflict. The decision ran counter to market expectations, reflected in oil-price moves ahead of the meeting, that OPEC+ would resume raising output to offset lost regional supply. Delegates said the group would continue monitoring inventories and reassess at its next scheduled meeting.
The Predict Six community put 58% odds on an increase being approved, making the call wrong: the group instead chose restraint for a second consecutive month.