OPEC+ oil-producing nations were poised to maintain oil production targets unchanged for December during a meeting on Sunday, as the coalition grapples with export disruptions stemming from the US-Iran conflict. The seven core OPEC+ members have reached a preliminary agreement to maintain output levels for the upcoming month, according to sources. This decision aligns with the prevailing expectations that any further policy changes will be deferred until next year. Sunday’s online meeting of the seven countries – Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman – occurs as Gulf members have been increasing exports that have faced disruptions for months due to the ongoing conflict.
Most, however, are still operating significantly below their targets. All individuals chose to remain anonymous. The meeting commences at 1200, one of them stated. OPEC+ consists of the Organization of the Petroleum Exporting Countries along with its allies, notably Russia. The group has been increasing output targets for a significant portion of 2026 and in September finalised the gradual reduction of a 1.65 million-barrel-per-day supply cut initially established in 2023. At previous meetings, it maintained the targets unchanged for October and November.
Source reported in July that OPEC+ was likely to make no changes to its targets during the fourth quarter as it shifts its focus to 2027 quota negotiations. The group retains an additional tier of production reductions amounting to approximately 2 million barrels per day, which will encompass the majority of its members until the conclusion of 2026. OPEC+ must finalise its assessment of member production capacities in the fourth quarter prior to establishing the 2027 baselines, which will dictate future quotas and influence strategies for reducing those cuts, sources indicate.
