OPEC+ keeps December oil output targets steady ahead of tougher call for 2027
USO•USO•USO•USO•Seven OPEC+ members kept December oil production targets steady on Sunday. The full group is due to meet on November 29, when analysts expect it to decide 2027 quotas.
Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman made the decision at an online meeting. Gulf members have been boosting exports disrupted by the Iran war, but most are still pumping below their targets.
OPEC+ members are due to meet on November 29, when analysts expect them to decide 2027 quotas. Analyst Jorge Leon said the group faces a difficult decision amid uncertainty over the war, recovery through the Strait of Hormuz and the potential supply surplus if disrupted barrels return.
The seven members completed the phased rollback of a 1.65 million-barrel-per-day cut in September. Another layer of cuts of about 2 million barrels per day covers most members through the end of 2026. A review of members’ production capacity, expected to be completed by mid-November, will inform the 2027 baselines and future quotas.
