OPEC+ agree to keep oil output quota steady for December
Seven member nations agree to keep production unchanged amid ongoing global market uncertainty
Quick Look
- OPEC+ members, including Saudi Arabia and Russia, have agreed to maintain current oil production levels through December.
- The decision follows a review of global market conditions as the group navigates export disruptions linked to the US-Iran war.
AI-generated summary
Why It Matters
OPEC+ has been adjusting production levels in response to global market conditions and regional conflict. The group is currently managing export disruptions caused by the US-Iran war.
RIYADH — The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to keep their oil output level unchanged for the third consecutive month in December.
Seven OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — made the decision in an online meeting on Sunday, OPEC said in a statement. The meeting reviewed global market conditions and outlook.
The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation. The OPEC+ countries confirmed expectations that more policy adjustments will not occur until next year, as the group continues to struggle with export disruptions from the US-Iran war.
"The seven participating countries decided to maintain September 2026 required production for December 2026," the statement noted. In September, the OPEC+ countries decided to maintain the production levels for October 2026 that were set for September 2026. In August, the seven countries had agreed to increase oil production by 188,000 barrels per day (bpd) for September.
What to Watch
AI outlook — possibilities, not facts
No policy adjustments until next year.
Likely · Within months
Open Questions
- When will the next production adjustment occur?
- How will the US-Iran war further impact export capacity?
