Seven OPEC+ oil-producing countries are expected to maintain their existing production targets for December when they meet online on Sunday, according to three people familiar with the discussions who spoke to Reuters.
The anticipated decision comes as the producer alliance prepares for negotiations over its 2027 production quotas, while Gulf producers continue increasing oil exports following disruptions associated with the conflict involving Iran.
The countries participating in Sunday’s meeting are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
December Output Targets Expected to Remain Unchanged
The three people familiar with the matter indicated that OPEC+ members are likely to retain their current December production targets rather than introduce adjustments at Sunday’s meeting.
However, all three sources requested anonymity and confirmed that no final decision had been reached.
The expected outcome therefore remains provisional until the participating countries complete their discussions.
The meeting takes place as attention within the producer group shifts towards negotiations concerning production allocations for 2027.
Gulf Oil Exports Increase Following Iran War Disruptions
Oil producers in the Gulf have been increasing exports after months of disruption linked to the war involving Iran.
Despite the increase in export volumes, most Gulf producers continue to pump oil at levels substantially below their existing production targets.
The gap between actual production and established targets remains part of the operating conditions facing the group as it considers its December output policy.
The reported expectation of unchanged targets comes against this backdrop of recovering exports and production levels that remain below agreed allocations.
Seven OPEC+ Countries to Participate in Online Meeting
Sunday’s virtual meeting will bring together Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
OPEC+ consists of the Organization of the Petroleum Exporting Countries and allied oil-producing nations, including Russia.
The participating countries are expected to address December production targets as the wider alliance turns its attention towards determining production quotas for 2027.
According to the people cited by Reuters, maintaining current targets is the anticipated decision, although discussions have not yet produced a final agreement.
OPEC and Russian authorities did not immediately respond to requests for comment.
Focus Turns to 2027 Production Quota Negotiations
The upcoming meeting comes as OPEC+ prepares to negotiate its production allocations for 2027.
The group is considering its December targets while Gulf producers continue restoring export activity following months of disruption.
With no final decision announced, the outcome of Sunday’s meeting remains subject to discussions among the participating countries.
The meeting will determine whether the seven producers retain their existing December targets as preparations for the 2027 quota negotiations continue.
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