OPEC+ has reached an agreement in principle to keep its production targets unchanged in December at a meeting scheduled for November 1, according to Reuters.

The decision is in line with expectations that the alliance will make no further adjustments to its production policy before next year.

The online meeting will bring together seven key OPEC+ members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. It comes as Gulf producers have increased exports following months of disruption caused by the Iran war, although most are still producing significantly below their output targets.

OPEC+ comprises members of the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, including Russia.

In September, the alliance completed the phase-out of a 1.65 million barrels per day (mmbbl/d) production cut, which was first agreed upon in 2023. However, disruptions caused by the US-Israeli war on Iran have reduced the production quotas of Gulf oil-producing countries.

Reuters reported in July that OPEC+ was unlikely to make further changes to its production targets during the fourth quarter of 2026, as the alliance shifts its focus to negotiations over production quotas for 2027.

Meanwhile, the group still has an additional production cut of around 2 mmbbl/d in place, involving most of its members, which is scheduled to remain effective through the end of 2026.

According to Reuters, OPEC+ would finalize its review of member countries’ production capacities during the fourth quarter before setting the 2027 baseline production levels. These baselines will determine future production quotas and shape plans for gradually unwinding the remaining cuts.