Sunday, November 1, 2026
Seven core OPEC+ members kept their December oil production targets unchanged at an online meeting on Sunday 1 November, Reuters reported, citing the group. Most Gulf members are still pumping below their targets because of the Iran war. All 21 members meet on 29 November to set 2027 quotas.
The IMF will publish its full October World Economic Outlook on Tuesday 13 October at the Annual Meetings in Bangkok. In July it forecast global growth of 3.0 per cent and assumed oil would average $89 a barrel in 2026. Brent traded between about $104 and $107 on Monday. The new figures have not been released.
President Trump said on Saturday he had rejected Iran's seven-day plan to reopen the Strait of Hormuz, and Brent crude rose more than 3 per cent in Asian trading on Monday to about $107. IMF PortWatch recorded 78 transits of the strait between 1 and 20 September, 19 of them tankers. In the same 20 days of 2025 it recorded 1,731.