OPEC+ has agreed to maintain steady oil production targets for December, following an online meeting held on Sunday by seven core members of the alliance. The decision confirms widespread market expectations that major adjustments to output policy will be deferred until next year.
The virtual gathering brought together representatives from Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. The meeting took place against a backdrop of ongoing conflict involving Iran, which has disrupted regional Gulf exports for months. Although Gulf members have recently increased their export volumes, the majority are still producing significantly below their official output targets.
The broader OPEC+ coalition, which pairs the Organization of the Petroleum Exporting Countries with key allies including Russia, completed the phased unwinding of a 1.65 million-barrel-per-day supply cut in September, a measure originally established in 2023. Beyond that rollback, the alliance maintains an additional layer of production cuts amounting to approximately 2 million barrels per day, a policy that covers most member states through the end of 2026.
Industry sources indicate that the group intends to finalize a comprehensive review of member production capacities throughout the fourth quarter. This evaluation will establish the foundational baselines for 2027 quotas, which will ultimately dictate future production levels and outline strategies for phasing out the remaining cuts. It was previously reported that the alliance would likely hold fourth-quarter targets steady while turning its strategic focus toward those 2027 negotiations.
Meanwhile, international energy markets reacted strongly ahead of the weekend. Oil prices surged by more than 2% on Friday, reaching their highest settlement levels since late April as traders braced for potential escalations in the regional conflict.
December Brent crude futures, which expired at the close of Friday’s session, advanced $2.76, or 2.4%, to settle at $117.64 a barrel after touching an intraday high of $118. The more actively traded January Brent contract gained $2.63 to finish at $113.43 a barrel. Simultaneously, U.S. West Texas Intermediate crude futures climbed $2.12, or 2.08%, to end the session at $104.12 a barrel.
