OPEC+ agrees in principle to keep December oil output targets unchanged
According to three sources cited by Reuters, OPEC+ has agreed in principle to hold its December oil output targets unchanged at a Sunday meeting.
- published on Newsmetry
- original source published
the same feed is available to bots and dashboards through the api. connect the api →
what happened
OPEC+ has agreed in principle to keep its December oil output targets unchanged, three people familiar with the matter told Reuters. The online meeting on Sunday brings together seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. Further changes to output policy are not expected until next year.
Gulf members have been raising exports after months of disruption caused by the Iran war, but most are still pumping well below their targets. The sources also noted that OPEC+ completed the phased unwinding of a 1.65 million barrel-per-day cut agreed in 2023 in September. About 2 million barrels per day of further cuts remain in place for most members through the end of 2026.
why it matters
Keeping quotas unchanged adds no new supply, and producers already pumping below their limits keep the balance tight. The bigger question now is the 2027 baselines, which OPEC+ must set after finishing a capacity review in the fourth quarter.
market impact
Oil: unchanged quotas add no new supply, supporting Brent
- Brent pressure up — unchanged quotas add no new supply, and some members already pump below their limits
tags
instruments
sources
- OPEC+ agrees in principle to keep oil output targets steady in December, sources say — Reuters, 31 October 2026 at 18:04 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
alerts on your topics, the morning digest and the api — in your account.
get stories in real time ↗