OPEC+ Holds December Output Targets Steady as Brent Nears $118 on Iran War Disruptions
Updated
Updated · Reuters · Nov 1
OPEC+ Holds December Output Targets Steady as Brent Nears $118 on Iran War Disruptions
3 articles · Updated · Reuters · Nov 1
Summary
Seven core OPEC+ members left December production targets unchanged at a Sunday online meeting, signaling no further policy shift before the full 21-country group meets on Nov. 29.
Most Gulf producers are still pumping below their raised targets because the Iran war has disrupted exports for months, even as the group finished unwinding a 1.65 million-bpd cut in September.
A fourth-quarter capacity review, now expected by mid-November, will help set 2027 baselines and determine how OPEC+ handles another roughly 2 million bpd of cuts that run through end-2026.
Brent settled near $118 a barrel on Friday after a more than 2% jump, while analysts and the IEA warn OPEC+ could face excess supply in 2027 if Gulf flows normalize.