OPEC+ holds December oil output targets steady

Economy · First reported 1 Nov, 09:41 · Updated 10:07

Image: Wikimedia Commons · Ysherazi · CC BY-SA 4.0

Seven OPEC+ members kept December production targets unchanged as Gulf export disruptions continued. The group is due to discuss 2027 quotas on November 29, after a review of members’ production capacity.

Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman agreed to leave December targets unchanged at an online meeting.
Export disruptions linked to the Iran war have left most members producing below their targets, despite Gulf producers increasing shipments.
All 21 OPEC+ members are due to meet November 29, with 2027 quotas expected to be discussed after a production-capacity review.

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Key facts

December decision: Seven core members kept production targets unchanged.
Next meeting: All 21 members are due to meet on November 29.
Capacity review: CNA reports it is expected to be completed by mid-November.
Remaining cuts: About 2 million barrels per day of cuts remain in place through the end of 2026 for most members.
Reversed cuts: The seven members completed the phased rollback of a 1.65 million-barrel-per-day cut in September.