OPEC+ oil producers set to keep output targets steady at Sunday meeting, sources say
USO•OPEC+ is likely to keep its December oil output targets steady at a Sunday meeting, three people with knowledge of the matter said. No final decision has been made.
1. Targets likely unchanged
Seven core OPEC+ members are set to meet online Sunday as Gulf producers boost exports disrupted for months by the Iran war, though most are still pumping below their targets. In September, OPEC+ completed the phased rollback of a 1.65 million-barrel-per-day supply cut agreed in 2023.
2. Quota review ahead
OPEC+ still has a further layer of production cuts of about 2 million barrels per day covering most members through the end of 2026. The group needs to complete a review of members’ production capacity before setting 2027 baselines that will determine future quotas and shape plans to unwind those cuts.
