OPEC+ members have tentatively agreed to maintain their current oil production targets for December, according to three sources familiar with the matter. The decision was reached during an online meeting of seven key OPEC+ nations, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. This move aligns with expectations that no further adjustments to output policy will occur until next year.
The meeting took place as Gulf producers have been gradually restoring oil exports that were previously disrupted by the ongoing war with Iran. However, most of these countries are still producing well below their assigned output targets. The decision to keep production levels steady reflects a cautious approach amid ongoing geopolitical tensions and market uncertainties.
The seven core members of OPEC+ have been coordinating their oil policies to stabilize global energy markets. While some members have increased exports in recent months, overall production remains constrained, contributing to the group's decision to hold off on any immediate changes to their output strategy.