OPEC+ keeps oil output targets unchanged for December
Seven core OPEC+ members will maintain the production level set for September in December as well. The joint target remains about 31 million barrels per day.
Seven core members of OPEC+ decided at a meeting on 1 November to keep oil production levels unchanged for December. Iraq's Oil Ministry announced the decision.
Under the decision, Saudi Arabia, Iraq, Kuwait, Oman, Algeria, Russia and Kazakhstan will maintain in December the production level set for September 2026. No additional adjustments or timetable for raising output were announced at the meeting.
The seven countries' joint target remains about 31 million barrels per day, the same level as in September, October and November. Individual targets for December are: Saudi Arabia – 10.478 million barrels per day, Russia – 9.949 million, Iraq – 4.431 million, Kuwait – 2.676 million, Kazakhstan – 1.628 million, Algeria – 1.007 million and Oman – 841,000 barrels.
In a statement, the member countries reiterated their collective commitment to full conformity with the Declaration of Cooperation and reaffirmed their commitment to market stability. The group's next meeting will be held on 29 November.
In September, OPEC+ completed unwinding the 1.65 million barrels per day of voluntary cuts introduced in 2023. A further 2 million barrels per day of cuts adopted in 2022 remain in place until the end of the year. The group is also reviewing members' production capacity to set quotas for 2027.
Most members' actual output is currently below their targets because of the military situation in the region and disruptions to shipping in the Strait of Hormuz. On Friday, Brent crude rose 2.4% to $117.64 a barrel and WTI rose 2.08% to $104.12, the highest level in six months.
