OPEC+ Decision on December 2026 Production
OPEC+ members have reached an in‑principle agreement to maintain their December 2026 oil production targets at current levels, signalling that no further supply‑policy adjustments will be made until the following year. The agreement is slated for discussion during an online meeting scheduled for Sunday, which will involve seven core participants: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
Current Production Context
The decision comes as Gulf producers work to increase exports that have been disrupted for months by the war involving Iran. Despite these efforts, most OPEC+ members continue to produce below their assigned quotas.
Recent Cut Unwinding and Ongoing Reductions
In September, OPEC+ completed the phased unwinding of a 1.65 million‑barrel‑per‑day (bpd) production cut that was originally agreed in 2023. Nevertheless, the alliance retains an additional layer of reductions amounting to roughly 2 million bpd, a measure that will stay in place for the remainder of 2026.
Outlook for 2027 Quota Negotiations
The alliance is preparing to shift its focus toward negotiations on production quotas for 2027. Reuters reports that OPEC+ intends to finalize a review of members’ production capacity during the fourth quarter of 2026, after which new baselines will be established to determine future output quotas and to outline the timeline for unwinding the remaining cuts.
Prior Indications
Earlier in July, Reuters indicated that OPEC+ was likely to keep its production targets unchanged throughout the fourth quarter, as the group turned its attention to the upcoming 2027 quota discussions. The current decision therefore preserves the existing production policy while members ready themselves for next year’s negotiations.