Seven key members of the OPEC+ alliance are moving toward keeping their oil production targets unchanged for December, according to a preliminary understanding reported this Sunday, November 1, ahead of what is being described as a decisive meeting. The cautious stance reflects a broader reluctance among major producers to tinker with output policy before 2027 begins, as global energy markets continue to grapple with persistent volatility.
Reuters, citing three sources familiar with the matter, reported that the tentative agreement comes just before a videoconference meeting scheduled for Sunday, bringing together Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. The group is expected to review recent oil market developments and settle on production levels for the final month of the year.
The push to hold output steady comes as oil markets continue to contend with supply disruptions in the Gulf region, a lingering consequence of the war with Iran. Several producing nations are still working to restore export volumes that were disrupted for months, even as actual output from some members continues to fall short of their assigned quotas, despite earlier increases to production targets.
OPEC+ completed, back in September, the gradual unwinding of voluntary cuts totaling 1.65 million barrels per day, first agreed upon in 2023, before opting to freeze production targets for October and November as part of an effort to respond to shifting supply and demand conditions.
Even after rolling back those voluntary cuts, the alliance remains bound by a separate reduction package of roughly two million barrels per day, covering most member states through the end of 2026. That commitment coincides with preparations by the group to reassess member countries’ production capacities, a step toward setting new baseline levels that will shape how quotas are distributed in 2027.
Markets are now awaiting the outcome of Sunday’s meeting for a final call on December output, even as attention also turns to upcoming talks over member countries’ production quotas and the possibility of easing current restrictions further next year.
