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OPEC+ maintains production targets for December / Decision to be discussed on Sunday

Raluca Ioana Draghici

1 November 2026, 08:52

Economy

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The oil-producing countries in the OPEC+ alliance have reached a preliminary agreement to maintain current production targets in December, according to three sources cited by Reuters. The decision is to be discussed and formalized at an online meeting on Sunday.

Seven major alliance members will take part in the meeting: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. Maintaining current levels is in line with expectations that OPEC+ will not change its production policy again until next year.

The decision comes amid uncertainty in the oil market, as Persian Gulf producers seek to increase exports affected by months of conflict in the Middle East. However, most countries continue to produce significantly lower volumes than those permitted by official quotas.

In September, the alliance completed the gradual removal of a voluntary cut of 1.65 million barrels per day, initially introduced in 2023. OPEC+ is nevertheless maintaining another set of cuts, totaling approximately two million barrels per day, applicable to most members until the end of 2026.

In the coming months, the alliance will assess the production capacities of member states. The results will form the basis for benchmark quotas for 2027 and the schedule for removing the remaining cuts.

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Context: Before the OPEC+ agreement for December, the market was supported by high prices and the continuation of production cuts

A few days earlier, OPEC+ had decided to keep production targets unchanged for November, while Brent crude remained above 100 dollars per barrel. Against the backdrop of tensions in the Middle East, the group indicated that producers in the Gulf region were still extracting below their official quotas, while exports were affected by disruptions. In August, the seven main members produced approximately 25 million barrels per day: 630,000 barrels per day more than in July, but around 5 million below pre-conflict levels, while OPEC+ maintained cuts of approximately 2 million barrels per day for most members.

At the same time, in Romania, market pressure was reflected in prices: at the beginning of October, gasoline cost an average of 10.08 lei/liter, while diesel cost 10.94 lei. Meanwhile, globally, Rosneft CEO Igor Sechin said at an event in Vladivostok that China had taken over the role of market stabilizing factor after reducing its crude oil imports by 5.5 million barrels per day; the statement came after the United Arab Emirates withdrew from OPEC (May 1).