OPEC+, the alliance of oil-producing nations comprising OPEC and allies including Russia, agreed in principle to keep December oil output targets unchanged ahead of a Sunday meeting, as Gulf producers pump below quotas amid Iran war disruptions.
The decision was reported by Reuters on Saturday, citing three people with knowledge of the matter.
According to the report, seven core members met online: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. The outcome matches expectations that no further output policy changes will come until next year.
Rollback Complete, Pause Expected Before 2027 Quota Talks
The pause follows September’s completion of a phased rollback of a 1.65 million-barrel-per-day (bpd) supply cut first agreed in April 2023. A 188,000 bpd quota increase for September completed the unwinding of an additional layer of voluntary cuts
In September, OPEC+ completed the phased rollback of a 1.65 million-barrel-per-day (bpd) supply cut first agreed in April 2023, when Saudi Arabia led surprise voluntary reductions.
The group had been expected to hold targets through the fourth quarter.
In 2026, the seven core members raised quotas by nearly 800,000 bpd from April through July.
Reuters said another layer of cuts, about 2 million bpd covering most members, remains through the end of 2026.
OPEC+ did not immediately respond to Benzinga‘s request for comment.
Gulf Output Gap and Elevated Fuel Prices
Gulf members have been boosting exports that were disrupted for months by the Iran war.
The decision lands as U.S. fuel prices remain elevated. According to American Automobile Association data, regular gasoline averages $4.1837 a gallon, 16.6% below its June 2022 record, while diesel at $6.3101 sits just 3.3% below its all-time high of $6.5276, set on Sept. 22.
Brent crude, the global benchmark, rose above $113 a barrel on Friday, up nearly 11% in a month and about 75% in a year, and within 3% of its four-year high of $116.72.
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