At a Glance

• OPEC+ is likely to keep December oil production targets unchanged, Reuters reported, citing sources familiar with the matter.

• Seven key members are expected to discuss production policy at an online meeting on Sunday, November 1.

• The group is turning its attention toward negotiations over members’ production quotas for 2027.

• The expected decision remains unconfirmed until the meeting concludes.

OPEC+ is likely to maintain its December oil production targets at current levels, Reuters reported Tuesday, citing sources familiar with the matter, as the alliance prepares for an online meeting on November 1.

Key Statements and Focus Areas

Expected Production Decision

According to Reuters:

• OPEC+ is expected to leave December production targets unchanged.

• The report cites sources familiar with the discussions who spoke on condition of anonymity.

• No final decision has been announced.

Seven Key Members

The meeting is expected to involve Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.

Focus on 2027 Production Quotas

The alliance is also preparing to negotiate production quotas for 2027. Its decisions will shape the output levels assigned to individual members in the coming year.

OPEC+ is likely to keep its December oil production targets unchanged at its upcoming meeting, Reuters reported Tuesday, citing sources familiar with the matter.

The seven key members of the producer alliance — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — are expected to meet online on Sunday, November 1.

According to Reuters, the anticipated decision comes as the group shifts its attention toward negotiations over production quotas for 2027. The sources cited in the report spoke anonymously, and the expected outcome should not be treated as a final decision before the meeting.

OPEC+ includes members of the Organization of the Petroleum Exporting Countries and partner producers, including Russia. Its production targets establish agreed output levels, although actual production can differ because of operational constraints and disruptions to exports.

FYI

The distinction between production targets and actual output is important for assessing the effect of OPEC+ decisions on global oil supply. Even if targets remain unchanged, disruptions to production and exports can limit the volume reaching international markets. The November 1 meeting will also be significant for the group’s preparations for 2027 quota negotiations.