OPEC+ set to keep oil output targets steady, sources say

LONDON/MOSCOW — OPEC+ oil-producing nations are expected to maintain oil production levels steady for December during their meeting on Sunday, according to sources. The seven core members of OPEC+ – Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman – have tentatively agreed to keep output unchanged for the upcoming month, according to three people familiar with the matter.

This decision comes as Gulf members have been increasing exports, which have been disrupted for months due to the US-Iran war. However, most of these nations are still producing significantly below their targets. The meeting, which will take place online, is scheduled to begin at 1200 GMT. OPEC+ is made up of the Organization of the Petroleum Exporting Countries and its allies, including Russia.

The group has been gradually raising output targets throughout 2026, completing a phased rollback of a 1.65 million-barrel-per-day supply cut initially agreed upon in 2023. Earlier meetings in October and November saw the group maintain steady production targets. In July, Reuters reported that OPEC+ was unlikely to alter its targets during the fourth quarter as it shifts focus towards 2027 quota negotiations.

The group plans to conduct a review of members' production capacity during the quarter before establishing the 2027 baselines that will determine future quotas and guide plans to unwind the supply cuts, according to sources.