OPEC+ producers are expected to keep their December oil output targets steady at a meeting on Sunday 1 November 2026, according to three people with knowledge of the matter cited by Reuters on 28 October. The decision covers seven core producers: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.

At their review on 4 October, the same seven kept November required production levels at September's levels and scheduled the 1 November meeting. Production in most of the seven is below their output targets, Reuters reported. The wider OPEC group has reaffirmed the overall crude-production level for participating countries through 31 December 2026, with member capacity assessments set to serve as a reference for 2027 baselines. The full OPEC+ group is scheduled to meet on 29 November.

Prices still above $115 for Brent

The expectation of steady targets came as Brent crude traded at $115.36 a barrel at 0140 GMT on 28 October, up $1.48 or 1.3%, with West Texas Intermediate at $101.12, up $1.22. Traders cited by Reuters also said crude exports from Russia's Baltic and Black Sea ports could fall next month as domestic refiners increase diesel output.

Why steady targets matter

Holding targets steady would signal that the group is not rushing to add supply despite high prices, leaving the market to watch the 1 November meeting and the fuller 29 November gathering for any change in direction.