Opec+ leaves December oil production targets unchanged
The 21-country group is due to meet on Nov 29, with analysts expecting a decision on quotas for 2027.
Seven core members of Opec+ agreed on Nov 1 to retain their December oil production targets, Opec said, while the Iran war continued to disrupt exports. The decision followed an online meeting involving Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
Gulf producers have been increasing exports after months of disruption, although most continue to produce less than their targets. The seven members had also left targets unchanged for October and November.
The wider Opec+ alliance, which brings together the Organization of the Petroleum Exporting Countries and partners including Russia, is scheduled to meet on Nov 29. Analysts expect the 21-country group to set 2027 quotas at that meeting.
The seven producers raised targets during much of 2026. In September, they finished reversing a 1.65 million-barrel-per-day cut agreed in 2023. A separate reduction of about two million barrels per day remains in place for most members until the end of 2026.
Sources said a review of production capacity must be finished before the group establishes its 2027 baselines for future quotas and plans for reversing the remaining cuts. Completion is now expected by mid-November. Reuters reported in October that the war had disrupted Middle Eastern capacity-expansion projects, complicating assessments of future output potential.
The International Energy Agency and other forecasters have warned that supply could exceed demand in 2027 if Gulf exports return to normal. Rystad analyst Jorge Leon said uncertainty over the war, recovery through the Strait of Hormuz and returning supplies would complicate the group's decision.
