OPEC+ oil producers set to keep output targets steady at Sunday meeting, sources say

MOSCOW/LONDON, Oct 27 - OPEC+ oil-producing countries are likely to keep their December oil output targets steady on Sunday, three people with knowledge of the matter told Reuters, in line with expectations that further output policy adjustments are unlikely until next year.

The online meeting of seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — comes as Gulf members have been boosting exports that have been disrupted for months by the Iran war. Most, however, are still pumping well below their output targets.

All three people declined to be named and said no final decision had been made.

OPEC+ comprises the Organization of the Petroleum Exporting Countries and allies including Russia. OPEC and authorities in Russia did not immediately respond to requests for comment.

In September, OPEC+ completed the phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023. Disruption caused by the Iran war has meant Gulf producers are falling below their quotas.

Reuters reported in July that OPEC+ was likely to make no changes to its targets during the fourth quarter as it turns its focus to 2027 quota negotiations. 

The group still has one more layer of production cuts of about 2 million bpd covering most members through the end of 2026.

OPEC+ needs to finalise a review of members' production capacity before setting the 2027 baselines that will determine future quotas and shape plans to unwind those cuts, sources have said.