OPEC+ set to keep oil output targets steady, sources say

OPEC+ was expected to leave its December oil production targets unchanged at a meeting on Sunday, Business Recorder reported, citing Reuters. Three people familiar with the discussions said the seven core members had reached an initial agreement, with further changes to output policy not expected before next year.

The meeting comes as Gulf producers work to restore exports disrupted by the US-Iran war, while most members are still producing below their targets. OPEC+ has already reversed a 1.65 million-barrel-per-day cut agreed in 2023, but a separate reduction of about 2 million barrels per day remains in place for most members through the end of 2026. The group is also reviewing members’ production capacity before establishing 2027 quota baselines.