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OPEC+ oil-producing countries have agreed in principle to keep their December oil output targets steady at a meeting on Sunday, three people with knowledge of the matter told Reuters, in line with expectations that further output policy adjustments won’t occur until next year.
Sunday’s online meeting of seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — comes as Gulf members have been boosting exports disrupted for months by the war with Iran. Most, however, are still pumping well below their output targets.
All three people declined to be identified.
OPEC+ comprises the Organization of the Petroleum Exporting Countries and allies, including Russia.
In September, OPEC+ completed the phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023. Disruption caused by the Iran war has meant Gulf producers are falling below their quotas.
Reuters reported in July that OPEC+ was likely to make no changes to its targets during the fourth quarter as it turns its focus to 2027 quota negotiations.
The group still has one more layer of production cuts of about 2 million bpd covering most members through the end of 2026.
OPEC+ needs to finalize a review of members’ production capacity during the fourth quarter before setting the 2027 baselines that will determine future quotas and shape plans to unwind those cuts, sources have said.
On Friday, oil prices surged more than 2%, settling at their highest levels since the end of April as traders braced for a potential escalation in the war.
Brent crude futures for December, which expired on Friday, closed up $2.76, or 2.4%, at $117.64 a barrel, after touching a high of $118. The more active January contract gained $2.63 to $113.43.
U.S. West Texas Intermediate (WTI) crude futures ended $2.12, or 2.08%, higher at $104.12.
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