OPEC+ Likely to Keep December Oil Output Target Unchanged

en.Wedoany.com Reported - On October 27, three people familiar with the matter said that OPEC+ member countries are expected to keep their December oil output target unchanged at an online meeting scheduled for November 1. The meeting involves seven core member countries—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman—and the discussion focus is gradually shifting to oil production quota arrangements for 2027.

In September 2026, OPEC+ completed the phased exit from the production cuts of 1.65 million barrels per day agreed in 2023. The group has a separate arrangement of about 2 million barrels per day in production cuts for most member countries, lasting until the end of 2026. Due to supply disruptions caused by the Iran war, actual production in some Gulf oil-producing countries is below their established quotas.

Before setting each member country's production baseline for 2027, OPEC+ needs to complete an assessment of member countries' production capacity. The assessment will serve as the basis for subsequent quota allocation and adjustments to the remaining production cut measures.