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[Hot News Recap: OPEC+ Maintains December Production Target, 2027 Production Framework Becomes the Next Focus] 1. The seven core OPEC+ members held an online meeting on Sunday and decided to maintain their December production target, confirming market expectations that the organization will not make further policy adjustments before next year. The seven countries include Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. 2. Although some Gulf members increased exports to compensate for supply disruptions caused by the war in Iran, most countries' actual production is still far below the target level. OPEC+ will retain an additional tier of production cuts of approximately 2 million barrels per day, covering most members, continuing until the end of 2026; it had previously completed the cancellation of the 1.65 million barrels per day production cuts agreed in 2023 in September. 3. The 21-member OPEC+ group is scheduled to meet on November 29, at which time analysts expect the 2027 production quotas to be decided. Rystad analyst Jorge Leon said Sunday's decision was relatively easy; the more important test will be the ministerial meeting on November 29, where the 2027 production framework will be determined. 4. Oil prices jumped more than 2% on Friday, with Brent crude settling near $118 a barrel, a new high since April, as traders prepared for a possible escalation of the war with Iran following the US midterm elections. The International Energy Agency and other agencies warned that a supply glut could occur in 2027 if oil supplies in the Gulf region return to normal. 5. Leon said OPEC+ faces difficult choices in formulating its 2027 plan, needing to consider the course of the US-Iran war, the speed of reopening the Strait of Hormuz, and the potential size of the surplus after the resumption of previously disrupted supplies. 6. Sources said OPEC+ needs to complete its member country capacity assessment in the fourth quarter before determining the 2027 production baseline. Due to the disruption of Middle East capacity expansion projects caused by the Iranian war, the assessment is expected to be completed by mid-November.