- OPEC+ plans to keep oil production targets stable for December amid market uncertainty
- Seven key members including Saudi Arabia and Russia to discuss production policy online
- Current output levels maintained to provide market predictability amid geopolitical tensions
The OPEC+ alliance of oil-producing countries is set to keep its oil production targets stable for December, as the group seeks to maintain the price unchanged in global energy markets amid geopolitical tensions and continued supply disruptions, Reuters reported on Sunday, citing sources familiar with the matter.
The decision is expected to be discussed at an online meeting on Sunday, November 1, involving seven key members of the alliance which are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. The development signals that the countries are likely to avoid further changes to their production policy until next year, as attention shifts toward negotiations over oil output quotas for 2027, reported Reuters.
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Maintaining existing production levels is also expected to provide greater predictability to energy markets, which are navigating geopolitical uncertainty, concerns over supply routes and fluctuations in crude oil prices.
OPEC+ Production Cuts And 2027 Quotas
By September, OPEC+ finished reversing its 1.65 million bpd supply cuts from 2023. Yet, conflict disruptions surrounding Iran have kept Gulf oil output below allocated targets.
However, another round of production cuts, totaling approximately 2 million bpd and covering most alliance members, remains in place until the end of 2026.
The alliance is expected to maintain its existing production targets during the fourth quarter before reviewing its output policy for 2027. Reuters had previously reported in July that the group was likely to avoid further changes to production targets during this period.
Production Capacity Review Ahead Of 2027
OPEC+ also said that it will review the production capacity of its member countries during the fourth quarter before establishing new production baselines for 2027. The assessment will help determine individual production quotas and guide decisions on when and how to gradually unwind the remaining supply cuts.
The OPEC+ coalition brings together members of the Organisation of the Petroleum Exporting Countries alongside key allied producers, most notably Russia.
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The decision to maintain December production targets reflects the group's cautious approach toward managing global oil supplies amid geopolitical uncertainty, market volatility and preparations for next year's production quota negotiations.
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