OPEC+ oil output targets for December are set to stay unchanged, according to people familiar with the matter, as seven core producers hold an online meeting on Sunday.
The seven countries — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — have agreed in principle to leave next month’s quotas as they are. The same people said further policy adjustments are not expected until next year. The online session was due to start at 1200 GMT.
Why the group is holding the line
OPEC+ brings together the Organization of the Petroleum Exporting Countries and allies such as Russia. The alliance has been raising OPEC+ oil output ceilings through much of 2026. In September it finished a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023.
At earlier meetings it already held targets steady for October and November. People briefed on the talks said the group was widely expected to make no further changes in the fourth quarter while it turns attention to 2027 quota talks.
Gulf members have been trying to boost exports disrupted for months by the US–Iran conflict. Most of those producers are still pumping well below their official targets, people familiar with the situation said.
What still sits on the table for 2027
Beyond the December decision, OPEC+ still carries about 2 million barrels per day of additional production cuts covering most members through the end of 2026. Before it can set 2027 baselines — the reference levels that shape future quotas and any plan to unwind those cuts — the group needs to finish a review of members’ production capacity in the fourth quarter, according to people familiar with the process.
For oil-importing countries such as Pakistan, steady OPEC+ oil output guidance does not by itself set pump prices, but it is one signal markets watch when judging global crude supply in the months ahead.
Timeline: what has happened so far
- 2023: OPEC+ first agreed a 1.65 million-barrel-per-day supply cut.
- Much of 2026: The group raised output targets in stages.
- September 2026: It completed the phased rollback of that 1.65 million-barrel-per-day cut.
- Earlier meetings in 2026: Targets were kept unchanged for October and November.
- Sunday’s meeting: Seven core members are expected to keep December targets steady.
- Through end-2026: About 2 million barrels per day of further cuts remain for most members, with a capacity review due before 2027 baselines are set.
Aasan alfaaz mein
OPEC+ ke bade oil mulk December mein zyada oil nahi nikalne wale — targets waisi hi rehne ki umeed hai. Saudi Arabia aur Russia samet saat mulk Sunday ko online meeting kar rahe hain. Is se global oil ki supply mein foran bari tabdeeli nahi aani chahiye. Pakistan jaise oil import karne wale mulkon ke liye yeh signal hai ke nazdeeki mahine mein OPEC+ ki taraf se naya cut ya jump shayad nahi aayega.
