{"id":3640,"date":"2026-11-01T23:03:52","date_gmt":"2026-11-01T18:03:52","guid":{"rendered":"https:\/\/ipp-news.com\/?p=3640"},"modified":"2026-11-01T23:03:52","modified_gmt":"2026-11-01T18:03:52","slug":"opec-keeps-december-oil-output-targets-steady-ahead-of-tougher-call-for-2027","status":"publish","type":"post","link":"https:\/\/ipp-news.com\/?p=3640","title":{"rendered":"OPEC+ keeps December oil output targets steady ahead of tougher call for 2027"},"content":{"rendered":"
\n

OPEC+ oil-producing countries kept December production targets \u200csteady on Sunday, confirming expectations that more policy adjustments will not occur until next year, as the group continues to struggle with export disruptions from the Iran war.<\/strong><\/p>\n

Seven core OPEC+ members \u2014 Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman \u2014 made the decision in \u200ban online meeting on Sunday, OPEC said in a statement. While Gulf members have been boosting exports that \u200bhave been disrupted for months by the conflict, most are still pumping well below their \u2060targets.<\/p>\n

OPEC+ comprises the Organisation of the Petroleum Exporting Countries and allies including Russia. Only the seven members \u2014 plus \u200bthe United Arab Emirates until it quit OPEC in May \u2014 have been involved in monthly output decisions in recent \u200byears. All members of the 21-country group are due to meet on November 29, when analysts expect it will decide 2027 quotas.<\/p>\n

\u201cToday\u2019s decision was the easy one,\u201d said Jorge Leon, an analyst at Rystad. \u201cThe much more important test comes at the November 29 \u200bministerial meeting, when OPEC+ will decide its 2027 production framework.\u201d<\/p>\n

Oil prices jumped more than 2% on Friday, with Brent \u200bcrude settling at almost $118 a barrel, the highest since April, as traders braced for a potential escalation in the Iran war \u200cafter \u2060the US midterm elections.<\/p>\n

The International Energy Agency and other forecasters have warned of excess supply in 2027 should Gulf flows return to normal.<\/p>\n

\u201cOPEC+ faces an extremely difficult call for 2027,\u201d Leon added. \u201cThe group has to plan around huge uncertainty over the US-Iran war, the pace of recovery through the Strait of Hormuz, and the size of the surplus that \u200bcould emerge once disrupted \u200bbarrels return.\u201d<\/p>\n

<\/a>Oil capacity review in focus<\/h3>\n

The seven members have been boosting output targets for much of 2026 and in September completed the phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in \u200b2023. At earlier meetings, they kept the targets steady for October and November.<\/p>\n

OPEC+ still has one \u200bmore layer \u2060of production cuts of about 2 million bpd covering most members through the end of 2026.<\/p>\n

The group needs to complete a review of members\u2019 production capacity during the fourth quarter before setting the 2027 baselines that will determine future quotas \u2060and shape \u200bplans to unwind those cuts, sources have said.<\/p>\n

The Iran war has \u200bdisrupted projects to expand capacity across the Middle East, throwing estimates of future production potential into uncertainty, Reuters reported in October. As a result, the \u200breview<\/u><\/a> is now expected to be completed by mid-November.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

OPEC+ oil-producing countries kept December production targets \u200csteady on Sunday, confirming expectations that more policy adjustments will not occur until next year, as the group continues to struggle with export disruptions from the Iran war. Seven core OPEC+ members \u2014 Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman \u2014 made the decision in \u200ban online meeting on Sunday, OPEC said in a statement. While Gulf members have been boosting exports that \u200bhave been disrupted for months by the conflict, most are still pumping well below their \u2060targets. OPEC+ comprises…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-3640","post","type-post","status-publish","format-standard","hentry","category-english"],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/3640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3640"}],"version-history":[{"count":0,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/3640\/revisions"}],"wp:attachment":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}