OPEC+ holds December output at 31 million barrels despite Iran war

The seven member countries of the OPEC+ alliance kept December production targets at the level required in September 2026, about 31 million barrels per day, after reviewing global market conditions and forecasts, according to a statement from the meeting held on Sunday. The seven countries are Saudi Arabia, Iraq, Kuwait, Oman, Algeria, Russia and Kazakhstan. Saudi Arabia's quota is 10.478 million barrels per day, Russia's 9.949 million, Iraq's 4.431 million, Kuwait's 2.676 million, Kazakhstan's 1.628 million, Algeria's 1.007 million and Oman's 841,000 barrels.

The alliance said members renewed their collective commitment to full compliance with the declaration of cooperation, with monthly meetings continuing, and the next meeting on 29 November. Most members are still producing below their quotas because of the war.

In the market, Brent crude rose 2.4% to $117.64 a barrel on Friday, recording a fourth consecutive monthly gain and the highest level in six months, after touching $118, while West Texas Intermediate rose 2.08% to $104.12. This follows the closure of the Strait of Hormuz since 28 February, which disrupted about a fifth of global oil and liquefied natural gas supplies, with 35 attacks on commercial ships recorded in October.

In September the alliance completed the unwinding of 1.65 million barrels per day of voluntary cuts agreed in 2023, and is keeping additional cuts of two million barrels per day until the end of the year, while reviewing members' capacities to set 2027 quotas.

What do these terms mean?

OPEC+: An alliance of OPEC countries and producers outside it that coordinate output to support oil prices.

Brent crude: A benchmark crude used to price about two-thirds of the world's oil.

Strait of Hormuz: A narrow waterway through which a large share of Gulf oil and gas exports passes.

Voluntary cuts: Output reductions that producing countries commit to on their own, outside official quotas, to support prices.