OPEC+ to maintain oil output for third consecutive month in December

VIENNA: The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, will keep their oil output levels unchanged for the third consecutive month in December, OPEC said in a statement on Sunday, reported Xinhua.

Seven OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, announced the decision after a virtual meeting to review global market conditions and the outlook.

"The seven participating countries decided to maintain September 2026 required production for December 2026," the statement noted.

Under the agreement, the seven countries will maintain their combined required production level at approximately 31.01 million barrel per day (bpd) in December. Saudi Arabia's required production level will remain at 10.48 million bpd, followed by Russia at 9.95 million bpd and Iraq at 4.43 million bpd.

They had been raising oil output on a monthly basis from April to September this year. They paused the increases in October and kept November's output unchanged.

OPEC said the seven countries will hold their next meeting on Nov 29 to review market conditions.