OPEC+ keeps December oil output targets steady ahead of tougher call for 2027

OPEC+ will leave its December oil production quotas unchanged, Business Recorder reported on Sunday, after seven core members agreed the policy in an online meeting. The group has kept October and November targets at the same level, while its members continue to face export interruptions linked to the Iran war.

The next major decision is expected at a November 29 meeting, where the 21-country alliance is due to consider production quotas for 2027. Before then, the seven members are expected to finish a review of production capacity by mid-November, a process that will inform future quota baselines and plans for existing cuts. OPEC+ also retains a further reduction of about 2 million barrels per day through the end of 2026, while forecasters have warned that supply could exceed demand in 2027 if Gulf exports recover.