OPEC+ keeps December oil output targets steady
Seven core OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, agreed Sunday to keep oil production targets unchanged for December. Most members are pumping below their targets because of export disruptions from the Iran war. Brent crude settled at about $117.64 a barrel on Friday, close to $118. All 21 members of the group meet November 29, when analysts expect a decision on 2027 quotas.
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Why it matters
OPEC+ production decisions affect the global supply of crude oil, which is a major input to gasoline and other fuel prices. Brent crude settled close to $118 a barrel on Friday, and most of the group's members are producing below their targets because of export disruptions from the Iran war.
What to watch
All 21 OPEC+ members meet on November 29, when analysts expect them to decide 2027 production quotas.
Sources
- Reuters (via GV Wire): OPEC+ keeps December oil output targets steady ahead of tougher call for 2027
- The National: Opec+ holds December oil output targets steady as Iran war disrupts supply
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