OPEC+ to maintain oil output for third consecutive month in December
VIENNA: The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, will keep their oil output levels unchanged for the third consecutive month in December, OPEC said in a statement on Sunday, reported Xinhua.
OPEC and its partners, OPEC+, have decided to keep their oil production levels unchanged for the third month in a row in December, according to a statement released by OPEC on Sunday, Xinhua reported. The seven member countries included in the decision are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. They reached this conclusion after a virtual meeting to assess the global market situation and future trends.
The statement clarified that the seven nations have agreed to maintain the September 2026 production target for December 2026. Under this arrangement, the combined output of these seven countries is set to stay at around 31.01 million barrels per day (bpd) for December. Saudi Arabia's production quota will continue to be 10.48 million bpd, while Russia and Iraq are each allocated 9.95 million bpd and 4.43 million bpd respectively.
The participating countries had been gradually increasing their output from April until September this year, but they halted the increases in October and maintained the same output level as November. OPEC mentioned that the seven countries will convene again on November 29 to evaluate the current market conditions.
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