OPEC+ keeps December oil production targets unchanged
Seven core members decided to maintain output levels during an online meeting on Sunday amid export disruptions from the US-Iran war.
Seven core OPEC+ members, including Saudi Arabia and Russia, decided on Sunday to keep oil production targets steady for December. The decision was made during an online meeting by Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
The group continues to deal with export disruptions caused by the US-Iran war. While Gulf members have increased exports, most are currently producing at levels significantly lower than their established targets.
OPEC+ completed a phased rollback of a 1.65 million-barrel-per-day supply cut in September. The group maintains an additional layer of production cuts of approximately 2 million barrels per day for most members through the end of 2026.
Rystad analyst Jorge Leon said the group faces a difficult decision for 2027. He noted that the group must plan for uncertainty regarding the US-Iran war and the potential for a supply surplus.
All 21 members of the group are scheduled to meet on November 29 to decide 2027 production quotas. A review of members' production capacity is expected to be finished by mid-November to help set these baselines.