OPEC+ Holds December Oil Output Quotas Steady
What Happened
Seven OPEC+ members, including Saudi Arabia and Russia, decided to keep December 2026 production quotas at September levels. The group had completed the phased rollback of a 1.65 million barrels-per-day cut in September and subsequently kept targets unchanged for October and November as well. The seven countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The wider OPEC+ group is due to meet on November 29 to discuss its 2027 production framework.
Key Takeaways
OPEC+ is holding its near-term supply policy steady, shifting attention to the crucial November 29 meeting where 2027 production quotas are expected to be addressed.