OPEC+ to Maintain December Oil Targets Amid Disruptions

The Organization of Petroleum Exporting Countries and allies, known as OPEC+, are likely to retain their December production targets when seven core members meet on November 1. This decision comes amid ongoing supply disruptions in the Middle East and uncertainty regarding future production capacity.

Sources familiar with the discussions indicated that no final decision has been reached, and the group has not formally announced its December production policy. The meeting will involve Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.

OPEC+ has been working to restore output previously restricted under voluntary production agreements, completing a phased reversal of approximately 1.65 million barrels per day in production cuts from 2023. However, actual production remains below established quotas due to disruptions from regional conflicts, particularly involving Iran.

The group continues to maintain additional production cuts totaling around 2 million barrels per day through the end of 2026, complicating global supply growth and influencing crude prices.