OPEC Keeps December Production Requirements at September Levels

OPEC said seven members will keep December production requirements at September levels, maintaining the group’s current output targets as it prepares to set production baselines for 2027. Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman made the decision at a virtual meeting on November 1, according to OPEC. The requirements are assigned production levels, not a measure of how much each country actually produced or exported. The seven had also kept targets unchanged for October and November. Before the meeting, three people familiar with the matter told Reuters the members had agreed in principle to hold the targets steady. OPEC’s subsequent statement confirmed the final decision. The seven said they would meet again on November 29; all 21 OPEC+ members are due to meet then, according to Reuters. The decision comes as Gulf producers increase exports disrupted for months by the Iran war. Reuters reported that most Gulf members were still producing below their assigned targets. The export interruptions have complicated efforts to assess supply and members’ production capacity, while the group considers the framework for future quotas. OPEC said a review of...