OPEC+ does not plan to change oil production quotas for December

Leading OPEC+ countries are considering keeping oil production quotas unchanged for December. The final decision will be made at an online meeting scheduled for Sunday.

Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman are taking part in the negotiations. Persian Gulf countries increased their exports after the Iran war, though most of them are still producing less oil than their current quotas allow.

OPEC+ completed the rollback of part of the production cuts imposed in 2023 in September, but member countries are still producing around 2 million barrels per day less, as other restrictions remain in place.

The group is now already working on 2027 quotas. Before that, member countries' actual production capacities need to be assessed, after which it will be decided how production limits will change going forward.

Source: Reuters