OPEC+ oil producers set to keep output targets steady at Sunday meeting, sources say
The group is shifting attention to 2027 quota talks after completing a phased rollback of 1.65 million barrels per day in supply cuts.
- OPEC+ oil-producing countries are expected to maintain their production targets for December when the group meets on Sunday, sources familiar with the plans told Reuters. The alliance is shifting its strategic focus toward 2027 quota negotiations.
- The producer group, led by Saudi Arabia and Russia, is prioritizing a review of members' production capacity to set 2027 baselines. These figures will determine future quotas and shape plans to unwind remaining cuts covering most members through 2026.
- In September, OPEC+ completed the phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023. The group still maintains another layer of production cuts of about 2 million bpd covering most members through 2026.
- Despite increased exports from the Strait of Hormuz, many Gulf producers including Iraq, Kuwait, Algeria, Kazakhstan, and Oman remain below their output targets. Disruptions from the Iran war in the Middle East have hindered efforts to reach higher quotas.
- Exports from Russia and Kazakhstan have faced additional pressure from the war in Ukraine. While flows through the Strait of Hormuz have risen, ongoing Middle East conflict continues to complicate supply chains for alliance members.
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OPEC+ oil producers set to keep output targets steady at Sunday meeting ...
Key takeaways Reports indicate that the main members of OPEC+ will likely maintain the current production cuts for December during their upcoming meeting on Sunday. Following the completion of a phased recovery measure of 1.65 million barrels per day (bpd) in September, countries such as Russia, Saudi Arabia, Oman, Algeria, Kazakhstan, Kuwait, and Iraq have their production targets […]
The OPEC+ oil-producing nations are likely to keep their December production targets unchanged during their scheduled Sunday meeting, according to...
OPEC+ completed its roadmap in September 2026 to restore the voluntary production cut of 1.65 million barrels per day. This is the amount of production cut agreed upon by member countries since 2023. OPEC+ warned of record increases in transportation and energy insurance costs. OPEC sharply lowered its forecast for oil demand growth in 2026. OPEC+ maintained its production target in November.
The seven OPEC+ countries (Russia, Saudi Arabia, Iraq, Algeria, Oman, Kuwait and Kazakhstan) are planning to leave the maximum of... 27.10.2026, PRIM at a meeting on Sunday.
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