OPEC+ Moves to Freeze Production

Sources told Reuters that OPEC+ countries are likely to keep their oil production targets unchanged for December at their meeting scheduled for Sunday, emphasizing that no final decision has been made yet as the alliance focuses on negotiations over production quotas for 2027. The meeting will be held online with participation from seven key OPEC+ members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. While Gulf states are working to boost exports that were disrupted for months due to the Iran war, most are still producing well below their production targets. The OPEC+ alliance includes the Organization of the Petroleum Exporting Countries (OPEC) and partners such as Russia. Neither OPEC nor Russian authorities have issued any comments so far.