OPEC+ core members keep December oil output targets unchanged as Gulf exports stay disrupted

OPEC+ was set to leave its oil production targets unchanged for December at an online meeting on Sunday 1 November, Business Recorder reported, citing Reuters. Three people with knowledge of the matter said the seven core members agreed in principle on Saturday.

The key points

• The seven core members are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. The meeting began at 1200 GMT (5pm PKT).
• Gulf members have been raising exports that the US-Iran war has disrupted for months, but most still pump well below their targets.
• OPEC+ raised targets for much of 2026 and in September completed the phased rollback of a 1.65 million barrels-per-day cut first agreed in 2023. Targets were also held for October and November.
• About 2 million bpd of further cuts covering most members still run to the end of 2026.
• A review of members' production capacity is due this quarter, before the 2027 baselines that will decide future quotas.

Why Pakistan readers should care

Pakistan imports most of its fuel, so crude moves reach the pump through the pricing formula. A steady OPEC+ decision means no new supply shock from the group itself, but Gulf shipping risks remain, as the attack on a Qatari LNG tanker shows. Watch the petrol price page and read about the government's revised petrol pricing formula.

The figures here are from sources quoted by Reuters before the meeting ended; we will update the page with the official outcome.