Three sources told Reuters on Tuesday that OPEC+ will probably keep its December output targets unchanged. The group’s seven core members will meet online on Sunday, 1 November. However, the group has not taken a final decision yet.
Why OPEC+ December output may not change
The seven are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. In September, they finished unwinding 1.65mmbbl/d of cuts first agreed in 2023. Even so, much of that extra supply exists only on paper. The war involving Iran has kept Gulf output well below quota.
For example, the seven pumped 25mmbbl/d in August, CNBC reported earlier this month. That was still about 5mmbbl/d below pre-war levels in February.
What comes next
Meanwhile, about 2mmbbl/d of cuts remain in place until the end of 2026. First, though, the group must finish a review of each member’s capacity. That review will then set 2027 baselines for future quotas. Most of the core members already produce below their targets, the Times of India reported. For the price backdrop, read our report on the UBS Brent forecast.
