Seven key OPEC+ participants, including Kazakhstan, preliminarily agreed at an online meeting on November 1 to leave oil production targets for December unchanged. This was reported by Qazaqyia.kz citing Kursiv Media.
According to the agency's interlocutors, the decision meets expectations: further changes in production policy are postponed until next year. All three sources agreed to speak on condition of anonymity.
The talks involve Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. The meeting takes place amid a recovery in oil exports from Persian Gulf countries, which had been disrupted for several months due to the war with Iran. At the same time, most producers in the region still pump oil significantly below their established quotas.
In September, OPEC+ completed the phased cancellation of voluntary production cuts of 1.65 million barrels per day agreed in 2023. However, war-related disruptions are preventing Persian Gulf countries from ramping up output to target levels.
Back in July, Reuters reported that the alliance would likely keep quotas in the fourth quarter and focus on negotiations on production terms for 2027.
Until the end of 2026, a separate production cut of about 2 million barrels per day continues to apply for most OPEC+ members.
According to the agency's sources, in the fourth quarter the alliance needs to complete an assessment of the production capacities of member countries. On its basis, baseline production levels for 2027 will be determined, from which future quotas and parameters for lifting remaining restrictions will be calculated.