OPEC+ set to keep December oil production targets unchanged
Seven OPEC+ producers have agreed in principle to keep December oil targets unchanged, Reuters reports, as attention turns to 2027 quotas.
- Seven key OPEC+ producers, including Saudi Arabia and Russia, have agreed in principle to keep their oil production targets for December unchanged.
- The decision means an existing production cut of approximately 2 million barrels per day will remain in effect for most members through the end of 2026.
- The group is holding targets steady as it prioritizes a capacity review to determine production baselines and quotas for 2027.
- This agreement comes as many Gulf producers are already producing below their current targets.
Seven OPEC+ producers have agreed in principle to keep December oil-production targets unchanged, Reuters reported on October 31, 2026, citing three sources who declined to be identified.
Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman are scheduled to meet online on November 1.
OPEC+ brings together the Organization of the Petroleum Exporting Countries and partner producers, including Russia.
Most Gulf producers remain below target
Most Gulf producers remain below their production targets, although exports are recovering after months of disruption caused by the Iran war.
Capacity review to shape 2027 quotas
The phased reversal of a 1.65 million-barrel-a-day cut introduced in 2023 was completed in September.
A separate cut of about 2 million barrels a day still covers most members through the end of 2026.
The alliance’s capacity assessment will inform its 2027 production baselines—the reference levels used to set quotas—and help guide plans for unwinding the remaining cuts.
That review must be completed during the fourth quarter. Reuters had reported in July that targets were likely to stay unchanged through that period as 2027 negotiations took priority.
