OPEC+ members have agreed in principle to maintain their current oil output targets for December, according to three sources familiar with the matter. The decision came during an online meeting on Sunday involving seven key OPEC+ countries, including Saudi Arabia, Russia, and Iraq. The group has been gradually phasing out supply cuts implemented in 2023, but ongoing disruptions from the war with Iran have led to production levels falling below targets for many Gulf producers.
The agreement aligns with earlier expectations that no significant adjustments to output policies would occur until next year. OPEC+ is still operating under a layer of production cuts totaling about 2 million barrels per day, which is set to continue through the end of 2026. The group is also in the process of reviewing members' production capacities to establish baselines for 2027 quotas.
On Friday, oil prices surged more than 2%, reaching their highest levels since April. Brent crude futures for December closed at $117.64 a barrel, while the January contract settled at $113.43. U.S. West Texas Intermediate (WTI) crude futures ended at $104.12. The price increases came as traders anticipated a potential escalation in the Iran war.