OPEC+ Expected to Maintain Oil Output Targets at Upcoming Meeting, Sources Say

OPEC+ is likely to hold its oil production targets steady for December when key members meet on Sunday, as the group shifts its focus to longer-term quota negotiations for 2027, according to sources familiar with the discussions.

December Policy Outlook

An online meeting of seven core OPEC+ members is expected to conclude with no change to current output policy, three people with knowledge of the matter told Reuters. The sources, who declined to be named, cautioned that a final decision has not yet been made.

The meeting will involve key producers from the alliance, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. The core group consists of:

• Saudi Arabia
• Russia
• Iraq
• Kuwait
• Algeria
• Kazakhstan
• Oman

Market Context and Shifting Focus

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The anticipated decision to maintain the status quo comes as some Gulf members have been increasing exports following months of disruptions. However, most producers in the alliance are still pumping well below their established output targets, a factor that supports a steady policy approach.

According to the sources, a primary reason for holding production levels is the producer group's turn towards complex negotiations over production baselines and quotas for 2027. This suggests the alliance is prioritizing long-term strategy over short-term adjustments.

Implications for Oil Prices

A decision to hold production steady would signal the group's intent to continue monitoring market conditions without adding or removing supply. The meeting takes place against a backdrop of elevated oil prices, with Brent crude futures recently trading above $111 per barrel and West Texas Intermediate (WTI) futures above $102 per barrel, indicating a tight global market.