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2026-11-01 17:38:25
[OPEC+ Representatives: Major Oil Producers Plan to Maintain Production Quotas in December] (1) Two OPEC+ representatives said that major OPEC+ countries plan to maintain their oil production quotas in December as the ongoing conflict in the Middle East continues to impact the organization's output. Speaking ahead of a video conference on Sunday, the two representatives said the G7, led by Saudi Arabia and Russia, had reached an agreement in principle on maintaining current quota targets and expected to finalize them at the meeting, consistent with the roadmap established earlier this year. (2) OPEC+ previously indicated it would suspend quota increases until the end of this year; it had previously agreed to a series of small production increases over the six months leading up to August. These increases are largely symbolic, as the war in Iran has impacted oil production in the Persian Gulf region; however, theoretically, these increases could offset the cuts made in 2023. (3) OPEC+'s next major decision is whether to reinstate another portion of production suspended in 2022, a complex process whose outcome will likely depend on the results of ongoing member country capacity audits. Next year's policy will be finalized at the plenary ministerial meeting on November 29.
