Seven OPEC+ producers are expected to leave December oil output targets unchanged at a Nov. 1 review, Reuters reported, a signal that the group may keep its near-term supply policy steady as members assess market conditions.
Three unnamed sources told Reuters that the expected outcome was not final. The report said the meeting would be held online. The producers are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
The Organization of the Petroleum Exporting Countries (OPEC) said in an Oct. 4 statement that the seven maintained September’s required production levels for November and set Nov. 1 for their next review. The statement did not provide guidance on December targets. EconoTimes previously covered the November production levels and next review.
Reuters also reported months of Iran-war-related disruption to Gulf members’ exports and said most of the seven were producing below their targets. The report did not quantify the gap.
In June, OPEC ministers said an assessment of participating countries’ maximum sustainable production capacity would serve as a reference for 2027 production baselines. OPEC has scheduled its next full ministerial meeting with non-OPEC countries for Nov. 29.
