OPEC+ has decided to leave oil output targets unchanged for December, following the unwinding of voluntary cuts in September. While oil shipments through the Strait of Hormuz are rising and an alternative Saudi export route via the Red Sea picked up in October, Persian Gulf members remain constrained in utilizing higher output targets. After a recent meeting, targets for the seven-country subgroup are maintained alongside their actual output in September.
The seven nations will continue monthly reviews, with the next meeting scheduled for Nov. 29. Notably, Kazakhstan and Oman have made compensation cuts for earlier overproduction, though the period has been extended to the end of the year with no published cuts beyond June. The table below shows targets in thousands of barrels a day alongside September output figures.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing