Overview
- OPEC+ held an online meeting on Sunday and kept December production targets unchanged for its seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
- The joint December target for those seven producers is about 31 million barrels per day with Saudi Arabia allotted roughly 10.478 million bpd and Russia about 9.949 million bpd.
- The group has finished rolling back a 1.65 million bpd cut from 2023 but is keeping about 2 million bpd of remaining cuts in place through the end of 2026.
- Most members are still pumping below their assigned targets because the US–Iran war has disrupted exports and operations in the Gulf and through the Strait of Hormuz, tightening available supply.
- Markets reacted to the decision and supply uncertainty with higher prices, and OPEC+ will continue monthly monitoring with the next formal review set for November 29 while the Q4 capacity check shapes 2027 quotas.