Investing.com -- OPEC+ members on Sunday have agreed to maintain their December oil production targets, the group said in a statement.
The decision comes as Gulf producers work to boost exports that have been disrupted for months by the war involving Iran. Most members are still producing below their assigned targets despite efforts to restore shipments.
OPEC+ completed the phased unwinding of a 1.65 million-barrel-per-day production cut in September, which was first agreed in 2023. However, the group continues to maintain another layer of reductions totalling around 2 million bpd, covering most members through the end of 2026, Reuters reported.
The alliance is also preparing to shift its focus towards negotiations over production quotas for 2027. OPEC+ is expected to finalise a review of members' production capacity during the fourth quarter before establishing new baselines that will determine future output quotas and plans to unwind the remaining cuts, according to Reuters.
Reuters reported in July that OPEC+ was likely to leave its production targets unchanged throughout the fourth quarter as it turned its attention to the 2027 quota discussions.
The decision to maintain December targets would therefore preserve the group's current production policy while members prepare for next year's negotiations.
Jaiveer Shekhawat contributed reporting.
Original Article
OPEC+ holds December oil output target
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