OPEC+ keeps December oil output targets steady after online meeting
What's next: The group is expected to focus on 2027 quota talks after finishing a fourth-quarter review of members' production capacity.
OPEC+ members agreed in principle on Sunday to leave December oil output targets unchanged, keeping supply policy steady as the producer group prepares for 2027 quota negotiations. The online meeting covered seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. In September, OPEC+ finished phasing out a 1.65 million-barrel-a-day cut first adopted in 2023, but disruption tied to the Iran war has left Gulf producers exporting more while many still pump below their quotas. The alliance also retains another layer of cuts of about 2 million barrels a day for most members through the end of 2026.