OPEC+ oil-producing countries are likely to keep their oil production targets steady for December when they meet on Sunday, three people with knowledge of the matter told Reuters on Tuesday, 27 October. All three declined to be named and said no final decision had been made.
Source: Reuters via SRN News
The online meeting involves seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. OPEC+ is the Organization of the Petroleum Exporting Countries plus allies including Russia. OPEC and Russian authorities did not immediately respond to requests for comment, Reuters reported.
The meeting comes as Gulf members have been boosting exports disrupted for months by the Iran war, although most are still pumping well below their output targets, Reuters reported. In September, OPEC+ completed the phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023.
The group still has one more layer of production cuts of about 2 million barrels per day covering most members through the end of 2026. Before setting 2027 quotas, OPEC+ needs to finish a review of members' production capacity — those baselines will determine future quotas and how the remaining cuts are unwound, sources told Reuters.
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, and Tuesday's reporting was in line with that expectation of no further output-policy adjustments until next year.
Oil prices stayed elevated on Tuesday for other reasons: Brent crude was up 0.4 per cent at $116.24 a barrel by 0718 GMT in separate Reuters reporting, as talks in Tehran between Saudi Arabia, Turkey, Pakistan and Iran eased some supply fears while renewed Houthi attacks on Saudi Arabia highlighted persistent risks.