RIYADH — The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to keep their oil output level unchanged for the third consecutive month in December.
Seven OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — made the decision in an online meeting on Sunday, OPEC said in a statement. The meeting reviewed global market conditions and outlook.
The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation. The OPEC+ countries confirmed expectations that more policy adjustments will not occur until next year, as the group continues to struggle with export disruptions from the US-Iran war.
“The seven participating countries decided to maintain September 2026 required production for December 2026,” the statement noted. In September, the OPEC+ countries decided to maintain the production levels for October 2026 that were set for September 2026. In August, the seven countries had agreed to increase oil production by 188,000 barrels per day (bpd) for September.
The seven OPEC+ countries will continue to hold monthly meetings to review market conditions. The next meeting will be held on November 29, 2026.
Source: Saudi Gazette