OPEC+ members are expected to keep their oil production targets unchanged for December, Reuters sources said, at a meeting held online on Sunday. The group still faces export disruptions caused by the US–Iran war. Seven member states reached an in-principle agreement to hold output steady next month.
Quotas and the remaining cut
The group has been raising quotas through most of 2026. It phased out a voluntary cut of 1.65 million barrels per day in September, a reduction first agreed in 2023. A broader group-wide commitment of 2 million barrels per day remains in place until the end of 2026.
Press reports in July said no change was expected in the fourth quarter, as the alliance turned its attention to 2027 quota talks. The sources said the group may keep current quotas for the rest of the year.
Looking ahead to 2027
Resolving the remaining 2 million barrel cut and setting 2027 baselines would require a capacity review in the fourth quarter. Export flows from Gulf members had been disrupted for months by the armed conflict.
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Source: OPEC
