OPEC+ said to have agreed in principle to hold December oil output targets steady
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Seven core OPEC+ members have provisionally agreed to keep their December oil output targets steady at a meeting scheduled for Sunday, Reuters reported, citing three sources familiar with the matter.
The decision is consistent with expectations that the core OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, will not implement further output policy adjustments until next year.
While OPEC+ comprises 21 oil-producing nations, including Iran, only the seven nations are involved in finalizing monthly production decisions.
Their virtual policy meeting on Sunday comes against a backdrop of rising petroleum exports from Gulf members in response to months of supply constraints caused by the U.S.–Iran war. However, a majority are still producing significantly below their monthly targets.
In July, Reuters reported that OPEC+ was unlikely to change its output targets during Q4 this year as its negotiations focus on new production quotas for 2027.
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