Seven OPEC+ nations reached a preliminary agreement to keep December targets unchanged
OPEC+ members have agreed in principle to leave December oil output targets as they are, Reuters reported Saturday, citing three people familiar with the matter. Seven core members, including Saudi Arabia and Russia, meet online Sunday, with no formal decision announced. Gulf producers are exporting more after Iran war disruptions but remain mostly below targets.
More context
Reuters said Saturday that three people with knowledge of the discussions described a preliminary agreement to keep December targets unchanged. The seven participants—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman—are due to hold an online meeting Sunday; no formal decision has been announced.
The expected hold is in line with expectations that the alliance will make no further output-policy adjustments until next year. Gulf producers have been increasing exports after months of disruption related to the Iran war, but most are still producing below their targets.
OPEC+ completed the phased unwinding in September of a production cut of 1.65 million barrels per day, first agreed in 2023. It continues to maintain another layer of cuts totaling about 2 million barrels per day, covering most members through the end of 2026.
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Reporting
- News.Az — OPEC+ agrees in principle to keep December oil production targets unchanged | News.az
- Seeking Alpha — OPEC+ said to have agreed in principle to hold December oil output targets steady — TradingView News
- Reuters — OPEC+ agrees in principle to keep oil output targets steady in December, sources say
- Investing.com News (with Reuters) — OPEC+ set to hold December oil output steady, Reuters reports
- Reuters — OPEC+ agrees in principle to keep oil output targets steady in December, sources say — TradingView News
- Seeking Alpha — OPEC+ agrees to hold December oil output targets steady | Seeking Alpha
- globalbankingandfinance.com (with Reuters) — OPEC+ to Keep Oil Output Targets Steady in December, Sources Say
- argaam.com — OPEC+ agrees in principle to keep output targets unchanged in December: Report
Verifier’s note
Reuters reports that OPEC+ members agreed in principle to keep December output targets steady amid Gulf export disruption. Global Banking and Finance, News.az, Investing.com, Argaam, Seeking Alpha, and TradingView also report the claim, but appear to relay the same Reuters reporting rather than independently report it.