OPEC+ Set to Keep December Output Targets Steady: Seven Core Members Agree in Principle
November 1 — OPEC+ oil-producing countries were set to keep oilproduction targets steady for December at a meeting on Sunday, Reutersreported, citing three people with knowledge of the matter. The sevencore OPEC+ members have agreed in principle to keep output unchangedfor next month. The meeting starts at 1200 GMT.
The seven core members are Saudi Arabia, Russia, Iraq, Kuwait,Algeria, Kazakhstan and Oman. The people told Reuters on Saturday thatthe in-principle agreement was in line with expectations that furtherpolicy adjustments will not occur until next year. Reuters reported inJuly that OPEC+ was likely to make no changes to its targets duringthe fourth quarter as it turns its focus to 2027 quota negotiations.
Sunday's online meeting comes as Gulf members have been boostingexports that have been disrupted for months by the conflict of theU.S.-Iran war. Most, however, are still pumping well below theirtargets. OPEC+ comprises the Organization of the Petroleum ExportingCountries and allies including Russia. The group has been boostingoutput targets for much of 2026 and in September completed the phasedrollback of a 1.65 million-barrel-per-day supply cut first agreed in2023. At earlier meetings, it kept the targets steady for October andNovember.
The group still has one more layer of production cuts of about 2million barrels per day covering most members through the end of 2026.OPEC+ needs to complete a review of members' production capacityduring the fourth quarter before setting the 2027 baselines that willdetermine future quotas and shape plans to unwind those cuts, sourceshave said.
Source: GSM · USA (original Chinese edition)
Photo: 位于维也纳的石油输出国组织（欧佩克）总部大楼。CC BY-SA 4.0，经Wikimedia Commons。 / Headquarters of OPEC in Vienna. CC BY-SA 4.0, via Wikimedia Commons.
