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Seven key OPEC+ producers are expected to maintain December production targets at Sunday’s meeting, as Gulf exporters grapple with supply disruptions caused by the Iran war and prepare for 2027 quota negotiations.
OPEC+ oil-producing countries are likely to keep their December oil output targets unchanged at a meeting on Sunday, October 31, as the group weighs supply disruptions, production constraints and its longer-term quota strategy, Reuters reported, citing three people familiar with the matter.
The online meeting will bring together seven core members of the alliance — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. While Gulf producers have been increasing exports disrupted by the Iran war, most are still pumping below their respective production targets.
The sources, who spoke on condition of anonymity, said no final decision had been taken. The Organization of the Petroleum Exporting Countries (OPEC) and Russian authorities did not immediately respond to requests for comment.
OPEC+ shifts focus to 2027 production quotas
The expected pause comes after OPEC+ completed the phased rollback of a production cut of 1.65 million barrels per day (bpd) in September. The reduction was first agreed upon in 2023.
However, disruptions linked to the Iran war have left Gulf producers struggling to reach their assigned production quotas, complicating the alliance’s efforts to manage supply.
Reuters reported in July that OPEC+ was likely to leave its production targets unchanged throughout the fourth quarter of 2026, shifting its focus towards negotiations over production quotas for 2027.
More from BusinessThe alliance also has another layer of production cuts, amounting to around 2 million bpd, covering most member countries through the end of 2026.
Production capacity review to shape future oil supply
OPEC+ must complete a review of its members’ production capacities before establishing the 2027 baseline levels that will determine individual country quotas.
These baselines will also influence how the group plans to unwind the remaining production cuts, making the upcoming negotiations crucial for its future supply strategy.
The decision to maintain December targets would signal a preference for stability as the alliance navigates geopolitical disruptions and prepares to determine how much oil its members can produce in 2027.
With several Gulf producers still operating below their quotas, the impact of the Iran war on actual supply remains a key factor in the group’s production decisions.
