Seven OPEC+ Producers Agree to Maintain December Oil Production Targets

Key summary

Reuters reported on October 31, 2026, that seven OPEC+ producers have agreed in principle to keep their December oil-production targets unchanged. The group includes Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. These nations are scheduled to meet online on November 1, 2026. OPEC+ comprises the Organization of the Petroleum Exporting Countries and partner producers such as Russia. While most Gulf producers currently operate below their production targets, exports are recovering following months of disruption caused by the Iran war. The alliance completed a phased reversal of a 1.65 million-barrel-a-day cut introduced in 2023 in September. However, a separate cut of approximately 2 million barrels a day remains in effect for most members through the end of 2026. An upcoming capacity assessment will inform the alliance's 2027 production baselines, which serve as reference levels for setting quotas and guiding plans to unwind remaining cuts. This review must be completed during the fourth quarter. Reuters had previously reported in July that targets were likely to remain unchanged through this period as negotiations for 2027 took priority.