OPEC+, the coalition of oil-producing nations including OPEC and allies like Russia, has decided to maintain its December oil output targets unchanged. This decision comes ahead of a scheduled meeting on Sunday, as Gulf producers continue to operate below their quotas due to disruptions caused by the Iran war. The agreement was reported by Reuters, citing three informed sources.
The seven core members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, met online to finalize the decision. The outcome aligns with expectations that no further adjustments to output policy will occur until next year. This pause follows the completion of a phased rollback of a 1.65 million-barrel-per-day (bpd) supply cut, which was initially agreed upon in April 2023.
In September, OPEC+ concluded the unwinding of additional voluntary cuts, raising quotas by nearly 800,000 bpd from April through July this year. However, another layer of cuts, totaling about 2 million bpd, remains in place for most members through the end of 2026. The group did not immediately respond to Benzinga’s request for comment.
The decision comes as U.S. fuel prices remain high. According to the American Automobile Association, regular gasoline averages $4.1837 per gallon, while diesel sits at $6.3101, just 3.3% below its all-time high. Meanwhile, Brent crude, the global benchmark, rose above $113 a barrel on Friday, marking an 11% increase in a month and a 75% rise over the past year.