OPEC+ maintains oil production levels for December
Seven OPEC+ members, including Saudi Arabia and Russia, agreed to keep December 2026 oil output unchanged after a virtual meeting on November 1.
OPEC+ oil producers have agreed to maintain production targets for December, according to sources. The preliminary agreement was reached during their scheduled meeting on Sunday, as expected, with no further changes anticipated before next year. The online meeting will involve seven key members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.
Gulf members have increased exports since the Iran war disruption, though most still produce below targets. OPEC+ completed reducing a 1.65 million barrels per day supply cut in September 2023. The Iran war caused lower production quotas for Gulf oil producers. Despite Reuters' report suggesting no changes to targets in the fourth quarter, an additional group-wide production cut of around 2 million barrels per day remains in place until the end of 2026.
OPEC+ must finalize its review of member states' production capacities in the fourth quarter to set baseline levels for 2027, determining future quotas and phasing out the current cuts.
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