Seven core member states, including Saudi Arabia, Russia, and Iraq, reached an agreement in principle on Sunday to hold crude output steady for December. The group had previously kept its production targets unchanged across October and November after concluding a phased rollback of a 1.65 million-barrel-per-day cut in September. Meanwhile, a separate layer of supply reductions amounting to around 2 million barrels per day will stay in effect for most members through the end of 2026. Coalition leadership is now focusing on evaluating individual production capacities to set the baseline numbers for 2027.
Key points
Policy adjustments are expected to remain on hold until next year as regional conflicts d…: Policy adjustments are expected to remain on hold until next year as regional conflicts disrupt crude export routes.
Most coalition members continue to pump oil well below their designated output targets de…: Most coalition members continue to pump oil well below their designated output targets despite Gulf efforts to increase shipments.
Member capacity reviews must be concluded to establish 2027 baselines that will shape lon…: Member capacity reviews must be concluded to establish 2027 baselines that will shape long-term quota rules and unwinding strategies.
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LONDON/MOSCOW, Nov 1 : OPEC+ oil-producing countries were set to keep oil production targets steady for December at a meeting on Sunday as the group still struggles with export disruptions from the US-Iran war.
The seven core OPEC+ members have agreed in principle to keep output unchanged for next month, three people with knowledge of the matter told Reuters on Saturday, in line with expectations that further policy adjustments will not occur until next year.
Sunday's online meeting of the seven countries — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — comes as Gulf members have been boosting exports that have been disrupted for months by the conflict. Most, however, are still pumping well below their targets.
All of the people declined to be identified. The meeting starts at 1200 GMT, one of them said.
OPEC+ comprises the Organization of the Petroleum Exporting Countries and allies including Russia.
The group has been boosting output targets for much of 2026 and in September completed the phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023. At earlier…
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