OPEC+ oil-producing countries have agreed in principle to keep their December oil output targets steady, Reuters reported on Saturday, citing three people with knowledge of the matter. Seven core members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — met online on Sunday, in line with expectations that further output policy adjustments would not come until next year.
The decision comes as Gulf members pump below their quotas because the war with Iran has disrupted exports for months, and as another layer of cuts of about 2 million barrels per day covering most members remains in place through the end of 2026. Reuters had 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.
The steady-targets decision lands while oil prices stay high: Brent crude futures for December closed Friday up $2.76, or 2.4 percent, at $117.64 a barrel after touching $118, while the more active January contract rose to $113.43 and US West Texas Intermediate settled at $104.12. For fuel-importing countries like Pakistan, stable OPEC+ targets mean no new supply relief from the producers’ group in December.
Sources: Reuters (via TradingView), EuropeSays. Written in our own words for information only.