OPEC+ December quotas: the group’s seven key members agreed on Sunday, as a tentative deal, to keep their production targets unchanged for December. The announcement comes after a week in which Wall Street closed sharply lower on Friday, October 30, with the Nasdaq Composite losing 2.86% following quarterly results deemed disappointing at Intel and Amazon, while Brent crude slipped back to around $113.40 a barrel.
OPEC+ keeps December quotas unchanged
Sunday’s online meeting brought together the seven key OPEC+ members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. According to Reuters, these producing countries reached a tentative agreement to keep their December production targets at current levels, in line with market expectations that did not anticipate a new adjustment to production policy before next year. Reuters notes that the meeting comes as Gulf members have increased their exports, which had been disrupted for months by the war involving Iran.
This November 1 date is no surprise: the organization itself had set it in its official October 4 statement, which announced that the next meeting would be held on November 1, 2026. The agreement reported by Reuters remains tentative at this stage: it reflects information from sources close to the matter, not yet a detailed final statement from the organization on the quota figures retained.
Wall Street closed sharply lower Friday after Intel and Amazon
Friday October 30’s session on the New York Stock Exchange ended with a steep decline across the three major US indices. The Dow Jones Industrial Average lost 572.25 points, or 1.09%, closing at 51,770.31 points. The S&P 500 shed 140.32 points, or 1.82%, to 7,580.07 points. The Nasdaq Composite, hit hardest, dropped 747.73 points, or 2.86%, finishing at 25,437.00 points, according to Boursorama.
This decline, the sharpest percentage drop for the Nasdaq since early June, was triggered by the quarterly results released Thursday evening by Intel and Amazon, which investors judged disappointing. Intel plunged 28.6% during the session. The semiconductor sector as a whole also suffered: Nvidia fell 4.2% and AMD dropped 10.9%. These moves reflect concerns expressed by the market over the pace of cash consumption in the artificial intelligence sector, though no single cause can be presented as certain in explaining the scale of the technology sell-off.
Brent pulls back after its weekly peak
In the oil market, Brent crude slipped back to around $113.40 a barrel, according to data tracked by Price of Oil, a continuously updated ticker whose timestamp and 24-hour change shift with every check: no reliable percentage change over a given period is therefore cited here. This level marks a pullback from the highs reached by the barrel earlier in the week, amid persistent tensions over Middle East supply mentioned the previous week, notably after the Houthi attack on Ras Tanura.
| Indicator | Value | Date |
|---|---|---|
| Dow Jones (close) | 51,770.31 points (-1.09%) | October 30, 2026 |
| S&P 500 (close) | 7,580.07 points (-1.82%) | October 30, 2026 |
| Nasdaq Composite (close) | 25,437.00 points (-2.86%) | October 30, 2026 |
| Brent (barrel) | $113.40 | October 31, 2026 |
This week’s calendar: ISM manufacturing index due Monday
For Monday, November 2’s session, the US institute ISM itself announced that it would publish its manufacturing PMI report covering October 2026 data at 10:00 a.m. Eastern Time (3:00 p.m. in Paris), according to the calendar posted on the ISM website. No consensus value or prior figure has been retained here, for lack of direct confirmation issued by the institution on these points at the time of writing.
Traders following US indices can also check how a trailing stop loss would have reacted to Friday’s decline, or review how the US market-wide circuit breaker governs sessions of heavy volatility on US stocks.
Frequently asked questions
What is a tentative agreement at OPEC+?
A tentative agreement refers to a direction adopted by participating members before the publication of a final statement detailing the exact figures. In this case, Reuters reports that the seven key members meeting on Sunday agreed to keep December quotas unchanged, though the organization itself has not yet published the detailed figures for this decision.
Why did the Nasdaq fall so much on Friday?
The Nasdaq Composite’s 2.86% drop on Friday, October 30 followed the quarterly results from Intel and Amazon released Thursday evening, which the market judged disappointing. Intel lost 28.6% during the session, and the semiconductor sector was particularly hard hit, with Nvidia down 4.2% and AMD down 10.9%.
Why is Brent falling back this week?
Brent had slipped back to $113.40 a barrel as of October 31, after reaching higher levels earlier in the week. Available sources do not detail a single certain cause for this specific pullback, nor a reliable 24-hour percentage change, but the OPEC+ meeting on December quotas falls within the same timeframe.
When will the October ISM manufacturing report be released?
The ISM institute stated on its website that the manufacturing PMI report covering October 2026 data would be published on Monday, November 2, 2026 at 10:00 a.m. Eastern Time. No consensus figure or prior value had been confirmed by the institution at the time this article was written.