Written by: Salma El Sakka
The OPEC+ alliance has decided to keep oil production targets unchanged for the month of December 2026, a move that reflects a cautious approach to managing the global oil supply.
Virtual meeting of seven key members
The decision was made during a virtual meeting held on November 1, which included seven pivotal members of the alliance: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. This direction comes in line with previous expectations that suggested no new adjustments would be made to production policy until 2027.
Market context and reduction commitments
The meeting was held at a time when Gulf countries are gradually increasing their oil exports after months of disruption due to tensions with Iran, although the majority of the region's producers are still operating below their target levels. In September 2026, the alliance completed a gradual roadmap to restore supply cuts of 1.65 million barrels per day, which had been agreed upon in 2023.
Reviewing capacities ahead of 2027 quotas
OPEC+ currently maintains an additional production cut of approximately two million barrels per day applying to most members until the end of 2026. According to sources, the alliance must complete a review of each member's production capacity in the fourth quarter of this year, in preparation for determining the baseline levels for 2027, upon which future quotas and the plan for the gradual phase-out of remaining cuts will be built.
