OPEC+ Keeps December Oil Output Targets Steady
OPEC+ Keeps December Oil Output Targets Steady
OPEC+ kept December oil production targets unchanged on Sunday as Middle East supply disruptions continue to limit actual output, shifting attention toward the group's November 29 meeting and its more difficult decisions on 2027 production quotas.
By Carolina Curiel
Published November 2, 2026
What Readers Should Know
- Seven core OPEC+ producers kept December production targets unchanged.
- Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman participated in the November 1 meeting.
- Most Gulf producers remain below their targets because of conflict-related export disruptions.
- About 2 million bpd of broader OPEC+ production cuts remain in place through the end of 2026.
- The full 21-country OPEC+ group is scheduled to meet November 29.
- A production-capacity review expected by mid-November will help determine 2027 production baselines.
MONTREAL (Oil Monster): OPEC+ kept its December oil production targets unchanged on Sunday, maintaining its fourth-quarter pause as the group continues to deal with disrupted Gulf exports and prepares for more consequential negotiations over 2027 supply.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed during an online meeting to maintain their September required production levels for December, OPEC said.
The seven countries also reiterated their commitment to full compliance with the wider OPEC+ production agreement.
Focus Shifts to November 29 Meeting
The seven producers completed the phased rollback of a 1.65-million-bpd voluntary supply cut in September and subsequently kept targets unchanged for October, November and now December.
Another layer of approximately 2 million bpd of OPEC+ cuts covering most members remains in place through the end of 2026.
The full 21-country producer group is scheduled to meet on November 29, when attention is expected to shift toward the production framework and quotas for 2027.
OPEC+ Dates to Watch
Mid-November: Production-capacity review expected
November 29: Next seven-country OPEC+ meeting
November 29: Full OPEC and non-OPEC Ministerial Meeting
2027 Capacity Review Becomes Critical
Before setting next year's production baselines, OPEC+ needs to complete a review of members' maximum sustainable production capacity.
The assessment has become more complicated because the Iran conflict disrupted expansion projects across the Middle East, making it harder to determine how much oil individual producers can realistically supply.
The review, originally expected earlier in the year, is now expected to be completed around mid-November.
The resulting capacity estimates could influence how future quotas are distributed among members.
OilMonster Market Lens
December's decision was relatively straightforward. The harder question is what happens when disrupted Gulf supply returns.
OPEC+ must balance uncertain Middle East production against warnings that the global market could move into surplus in 2027 if currently constrained barrels return faster than demand grows.
Oil Remains Elevated Ahead of 2027 Decisions
Crude prices remain high as traders continue to price risks around Middle East supply and shipping.
On Friday, December Brent crude settled at $117.64 per barrel, up 2.4%, while U.S. West Texas Intermediate gained 2.08% to $104.12.
Both benchmarks ended October sharply higher as attacks on vessels and energy infrastructure kept concerns over Gulf exports elevated.
The Bottom Line
OPEC+'s decision leaves December production policy unchanged and effectively closes out 2026 without another planned increase from the seven core producers.
The more important decision comes November 29, when the group will have to weigh revised production capacity, uncertain Gulf supply recovery and the possibility of a larger global oil surplus in 2027.
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OPEC+ Agrees to Keep November Oil Output Targets Steady
Courtesy: www.reuters.com