Opec+ Agrees to Hold December 2026 Output Targets
Seven members reached the understanding ahead of a Sunday online meeting, with 2027 production quotas to follow a fourth-quarter capacity review.
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, following completion of a phased rollback of a 1.65 million bpd cut in September. The understanding was reached ahead of a Sunday online meeting of seven members, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
Why it matters
The decision signals a pause in further adjustments to Opec+ production policy while Gulf producers resume exports disrupted for months by the Iran war. Most Gulf producers remain below their assigned output targets, so the held targets do not yet translate into full supply.
Opec+ maintains a production cut of around 2 million bpd that covers most members through the end of 2026, after the 1.65 million bpd reduction first agreed in 2023 was fully unwound in September. The December targets remain only agreed in principle, and the members have not yet formally adopted them.
The players
Opec+
The expanded producer alliance of OPEC members and non-OPEC partners that coordinates oil output levels to influence global prices.
Saudi Arabia
The largest Opec member and de facto leader of the group, whose production decisions carry the most weight in its policy.
Russia
A leading non-OPEC oil producer that partners with Opec in coordinating output through the broader Opec+ framework.
The details
Seven Opec+ members met online on Sunday, November 1, 2026, to agree in principle on December production targets. Opec+ will set 2027 production quotas using a capacity review scheduled for the fourth quarter, which will establish baseline output levels.
Timeline
2023: Opec+ first agreed 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: Seven members agreed on December targets at an online meeting.
Fourth quarter 2026: Capacity review to determine 2027 production quota baselines.
Market Landscape
The December target agreement follows the 2023 Opec+ decision to cut 1.65 million bpd, which the group has now fully unwound in phases. It marks a shift from active adjustment toward a holding pattern while the group prepares 2027 quotas through its capacity review.
Holding production targets steady means the current supply levels continue through the end of 2026, shaping fuel price expectations for drivers and businesses. Members still producing below their assigned targets will affect how quickly additional barrels reach the market.
The takeaway
Opec+ is pausing new adjustments while it finalizes baselines for 2027, so the fourth-quarter capacity review is the event to watch for the next supply signal. Readers tracking energy costs should follow that review rather than the December targets alone.
What happens next
Opec+ will set 2027 production quotas using a capacity review scheduled for the fourth quarter of 2026.
Further reading
For more on how producer groups shape supply, see the Oil and Gas section.
Source note: This article includes information reported by Times of Oman.
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