Opec+ Holds December Oil Output Targets Steady
Oil and gas operators should expect no near-term change to Opec+ supply policy while 2027 quotas are being set.
Updated on Nov. 1, 2026 in Oil and Gas
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Opec+ agreed in principle to keep its December 2026 production targets unchanged, according to the extraction, ahead of a Sunday online meeting of seven member countries. The understanding matters to oil and gas operators because it signals no near-term change to supply policy while members set 2027 quotas.
Why it matters
The group is holding policy steady after completing a phased rollback of a 1.65 million bpd cut in September, and the Gulf producers that had their exports disrupted for months by the Iran war are now ramping shipments back up. Most Gulf producers are still producing below their assigned targets, so the headline stability masks uneven actual output.
Opec+ has completed the rollback of a 1.65 million bpd cut and still maintains a layer of around 2 million bpd in cuts through 2026. Seven members, including Saudi Arabia, Russia and Iraq, joined the Sunday online meeting.
The players
Opec+
A producer coalition led by Saudi Arabia and Russia that coordinates crude output quotas to influence global oil prices.
Saudi Arabia
The largest Opec producer and de facto leader of the group's output coordination, with major influence over global crude supply.
Russia
A leading non-Opec oil producer that works alongside Saudi Arabia in the Opec+ framework on production quotas.
The details
The understanding was reached before the seven-member online meeting, which covers Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. Because the December targets were agreed in principle rather than formally adopted, the final position is not yet locked in. Opec+ is expected to avoid further production policy changes in the fourth quarter while it reviews members' production capacities, and that review will set the baseline for 2027 quotas.
Timeline
2023: Initial agreement on the 1.65 million bpd supply reduction.
July 2026: Reuters reported Opec+ was likely to pause adjustments after September.
September 2026: Opec+ completed the phased rollback of the 1.65 million bpd cut.
Sunday, November 1, 2026: Online meeting of seven members agreed December targets in principle.
Fourth quarter 2026: Capacity review expected to inform 2027 production quotas.
Market Landscape
The current decision follows the 2023 agreement that first set the 1.65 million bpd reduction, which Opec+ has now fully rolled back. Holding targets steady while a capacity review sets 2027 quotas marks a shift from crisis-era supply management toward longer-range baseline setting.
Operators in oil and gas should plan around a period of steady Opec+ output policy through the fourth quarter, while watching whether Gulf exports keep rising as disrupted volumes return. Procurement and finance teams should track the capacity review, since it will set the baseline for 2027 supply conditions.
The takeaway
The key operating signal is that Opec+ is pausing further production changes while it sets 2027 baselines through a capacity review. Operators should monitor that review and the pace of Gulf export recovery as the next meaningful data points for supply planning.
What happens next
Opec+ is expected to complete its capacity review in the fourth quarter of 2026, which will determine baseline levels for 2027 production quotas.
Further reading
For broader context on how these supply decisions shape the sector, explore our Oil and Gas coverage.
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