OPEC+ Stands Pat on December Output and Pushes the Big 2027 Decision to the End of November
OPEC+ kept its December oil production targets unchanged on Sunday, confirming expectations that no more policy adjustments will come until next year, Reuters reported. Seven core members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, took the decision at an online meeting. Most members are still pumping well below their targets because of export disruptions from the Iran war, though Gulf members have been raising exports that were disrupted for months.
All 21 members of the wider group meet on 29 November, when analysts expect them to set 2027 quotas. The group must first finish a review of members’ production capacity, now expected by mid-November. The International Energy Agency and other forecasters warn of excess supply in 2027 if Gulf flows return to normal.
Brent crude settled near $118 a barrel on Friday, its highest since April. On Monday Brent fell 1.5% to $111.72 and US crude eased 1.7% to $102.37, after a 13.6% rise in Brent in October, as Iranian and Qatari officials held a third day of talks aimed at ending the war.
Source: reuters.com
