Opec+ agrees in principle to keep oil output targets steady in December, sources say - The Business Times

[LONDON/MOSCOW] Opec+ oil-producing countries have agreed in principle to keep their December oil output targets steady at a meeting on Sunday (Nov 1), three people with knowledge of the matter told Reuters.

This is in line with expectations that further output policy adjustments will not occur until 2027.

Sunday’s online meeting of seven core Opec+ members – Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman – comes as Gulf members have been boosting exports that have been disrupted for months by the Iran war.

Most, however, are still pumping well below their output targets.

All three people declined to be identified.

Opec+ comprises the Organization of the Petroleum Exporting Countries and allies including Russia.

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In September, Opec+ completed the phased rollback of a 1.65 million-barrel-per-day (bpd) supply cut first agreed in 2023. Disruption caused by the Iran war has meant Gulf producers are falling below their quotas.

Reuters reported in July that Opec+ was likely to make no changes to its targets during the fourth quarter as it turns its focus to 2027 quota negotiations.

The group still has one more layer of production cuts of about two million bpd covering most members through the end of 2026.

Opec+ needs to finalise a review of members’ production capacity during the fourth quarter before setting the 2027 baselines that will determine future quotas and shape plans to unwind those cuts, sources have said. REUTERS

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