Seven OPEC+ producers agreed on November 1 to keep December production targets unchanged, extending the levels already maintained for October and November. The decision comes while war-related export disruption leaves several Gulf producers pumping below their quotas. A November 29 meeting and a review of production capacity precede decisions on the 2027 framework.
Seven members of OPEC+, the Organization of the Petroleum Exporting Countries and its producer allies, agreed on November 1 to leave December oil production targets unchanged. Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman took part in the online meeting. The countries had already kept targets steady for October and November, following the completion in September of a phased reversal of a voluntary supply reduction.[1], [2]
Reuters reported that disruption from the US-Iran war continued to affect export flows. Gulf producers were increasing exports, but most were still producing below their targets. The September reversal covered a 1.65 million-barrel-per-day cut first agreed in 2023. Another layer of cuts, amounting to about 2 million barrels per day and covering most members, remains in force through the end of 2026. The United Arab Emirates left OPEC in May.[1]
The full 21-country group is scheduled to meet on November 29. Analysts expect that the meeting could set 2027 quotas. A fourth-quarter production-capacity review will inform next year’s baselines, which determine the distribution of quotas. Reuters said the review is now expected to finish by mid-November after war-related disruption complicated capacity expansion projects. Jorge Leon of energy consultancy Rystad identified the war’s course, recovery through the Strait of Hormuz and a potential surplus when disrupted supply returns as uncertainties for 2027.[1]
