OPEC+ set to keep oil output targets steady, sources say
USO•Seven OPEC+ members have agreed in principle to keep December oil output targets unchanged, three people with knowledge of the matter said. Gulf members are still pumping below their targets despite recent increases.
1. Targets expected unchanged
Seven core OPEC+ members were set to keep oil production targets steady for December at an online meeting scheduled for Sunday at 1200 GMT. The members are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
2. Capacity review ahead
Most Gulf members are still pumping below their targets despite boosting exports, which have been disrupted for months by the US-Iran war. OPEC+ completed the phased rollback of a 1.65 million-barrel-per-day cut in September, while a further layer of cuts of about 2 million bpd covers most members through the end of 2026. The group needs to review members' production capacity during the fourth quarter before setting 2027 baselines and quotas.
