OPEC+ agrees in principle to keep oil output targets steady in December, sources say
USO•OPEC+ members agreed in principle to keep December oil output targets steady, three people with knowledge of the matter said. Gulf producers remain below their targets, while a separate layer of cuts of about 2 million barrels per day runs through the end of 2026.
1. December targets
Seven core OPEC+ members agreed in principle to keep December oil output targets steady at an online meeting on Sunday. The three people with knowledge of the matter said the decision was in line with expectations that further output policy adjustments would wait until next year.
2. Output cuts and quotas
OPEC+ completed the phased rollback in September of a 1.65 million-barrel-per-day supply cut agreed in 2023. Disruption caused by the Iran war has left Gulf producers pumping below their quotas, despite boosting exports. A further layer of cuts of about 2 million barrels per day covers most members through the end of 2026. The group plans to review members’ production capacity in the fourth quarter before setting 2027 baselines and quotas.
