OPEC+ Members Extend Current Oil Output Targets Through December

RIYADH — Seven key OPEC+ nations have agreed to hold their required crude production levels steady for December, reinforcing their pledge to market stability and adherence to the alliance’s output accord.

The consensus emerged from a virtual session on Sunday that included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The ministers reviewed prevailing market fundamentals and the near-term demand outlook before opting to roll over the September 2026 baseline quotas into December 2026.

Under the arrangement, Saudi Arabia’s reference level remains at 10.478 million barrels per day (bpd), Russia at 9.949 million bpd, and Iraq at 4.431 million bpd, according to the official communiqué. Kuwait’s quota is unchanged at 2.676 million bpd, Kazakhstan at 1.628 million bpd, Algeria at 1.007 million bpd, and Oman at 841,000 bpd.

The same cohort had previously unveiled additional voluntary supply curbs in April and November 2023. In Sunday’s statement, they reiterated their collective resolve to achieve full conformity with the Declaration of Cooperation that governs coordination between OPEC and its non-OPEC partners.

The group will maintain its monthly assessment cadence, with the next ministerial review slated for November 29.

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