Market News

By Ahmad Ghaddar and Olesya Astakhova | Reuters

Summary

• Seven key OPEC+ members are expected to maintain oil production targets for December.

• Export disruptions linked to the US-Iran war continue to affect oil shipments.

• Gulf producers have increased exports, but most remain below their production targets.

• The group is expected to focus on 2027 production quotas and capacity assessments.

LONDON/MOSCOW, Nov 1 (Reuters) — OPEC+ oil-producing countries were expected to keep production targets unchanged for December at a meeting on Sunday, as the group continues to face export disruptions caused by the US-Iran war.

The seven core OPEC+ members have agreed in principle to maintain current output levels next month, three people familiar with the matter told Reuters on Saturday. The decision would be in line with expectations that further policy adjustments would be delayed until next year.

Sunday's online meeting involves Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. It comes as Gulf producers have been increasing exports disrupted for months by the conflict. However, most are still producing below their agreed targets.

The meeting was scheduled to begin at 1200 GMT, one of the sources said. All three sources declined to be identified.

OPEC+ comprises the Organization of the Petroleum Exporting Countries and allied producers, including Russia.

The group has increased production targets for much of 2026 and completed the phased rollback in September of a 1.65 million-barrel-per-day supply cut first agreed in 2023. It had previously decided to keep production targets unchanged for October and November.

Reuters reported in July that OPEC+ was likely to make no changes to its production targets during the fourth quarter as it shifted attention towards negotiations over 2027 quotas.

The group still has another layer of production cuts, amounting to approximately 2 million barrels per day, covering most members through the end of 2026.

OPEC+ is expected to complete a review of members' production capacity during the fourth quarter before establishing the 2027 baseline levels that will determine future quotas and guide plans to gradually unwind the remaining cuts.

Writing by Alex Lawler; Editing by Joe Bavier.