OPEC+ agrees to maintain oil production targets in December

Sources told Ajel on Saturday that OPEC+ oil-producing countries have reached a preliminary agreement to keep production targets unchanged for December during their scheduled meeting on Sunday, in line with expectations that no further changes will be made to production policy before next year.

According to Reuters, the meeting set for Sunday will be held online and include seven key OPEC+ members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. This comes as Gulf members have increased exports after months of disruption due to the Iran war, though most are still producing well below their targets.

In September, OPEC+ completed the gradual phase-out of a 1.65 million barrels per day supply cut that was first agreed in 2023. The disruptions caused by the Iran war led to lower production quotas for Gulf oil producers.

Reuters reported in July that OPEC+ is unlikely to make any changes to its targets in the fourth quarter, instead focusing on negotiations over quotas for 2027. However, an additional group-wide production cut of about 2 million barrels per day remains in place for most members until the end of 2026.

Sources said OPEC+ needs to finalize its review of member states' production capacities in the fourth quarter before setting baseline levels for 2027, which will determine future quotas and plans for phasing out the current cuts.