--- title: OPEC+ Keeps December 2026 Oil Output Targets Steady description: OPEC+ kept December 2026 crude oil production targets unchanged following its November 1 meeting, postponing quota decisions to the November 29 gathering. url: https://ginity.vn/en/blog/opec-keeps-december-2026-oil-output-targets-steady canonical: https://ginity.vn/en/blog/opec-keeps-december-2026-oil-output-targets-steady markdown: https://ginity.vn/en/blog/opec-keeps-december-2026-oil-output-targets-steady.md language: en datePublished: 2026-11-01T00:00:00+07:00 dateModified: 2026-11-01T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: macro name: Macro & monetary url: https://ginity.vn/en/topics/macro tickers: [] sources: - name: Bao Tin Tuc url: https://baotintuc.vn/opec-nhat-tri-giu-nguyen-muc-tieu-san-luong-dau-trong-thang-122026-post1399007.html title: OPEC+ agrees to maintain oil output targets in December 2026 - name: CNBC url: https://www.cnbc.com/2026/10/31/opec-oil-output-targets-december.html title: OPEC+ keeps December oil output targets steady ahead of tougher call for 2027 - name: The National url: https://www.thenationalnews.com/business/energy/2026/11/01/opec-holds-december-oil-output-targets-steady-as-iran-war-disrupts-supply/ title: OPEC+ holds December oil output targets steady - name: World Bank url: https://www.worldbank.org/en/news/press-release/2026/10/28/commodity-markets-outlook-october-2026 title: Commodity Markets Outlook - October 2026 - name: National Statistics Office of Vietnam url: https://www.nso.gov.vn/tin-tuc-thong-ke/2026/10/thong-cao-bao-chi-ve-tinh-hinh-gia-thang-chin-quy-iii-va-9-thang-nam-2026/ title: Press Release on Price Situation in September, Q3 and 9 Months of 2026 publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # OPEC+ Keeps December 2026 Oil Output Targets Steady > OPEC+ kept December 2026 crude oil production targets unchanged following its November 1 meeting, postponing quota decisions to the November 29 gathering. Gini · Macro & monetary · 2026-11-01 · https://ginity.vn/en/blog/opec-keeps-december-2026-oil-output-targets-steady _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - OPEC+ kept crude oil production targets unchanged for December 2026 during an online session on November 1, 2026. - Seven core member countries maintain their collective required output target steady at approximately 31 million barrels per day. - The full 21-country alliance will convene on November 29, 2026 to evaluate capacity and establish 2027 quotas. - A production cut layer of 2 million barrels per day established under earlier accords remains active through the end of 2026. The Organization of the Petroleum Exporting Countries and its partner nations (OPEC+) have agreed to maintain steady crude oil extraction targets for December 2026. The decision, reached during an online ministerial gathering on November 1, 2026, concludes the group supply policy deliberations for the fourth quarter of 2026 and shifts regulatory attention toward the full ministerial assembly scheduled for late November 2026. ## Steady Output Targets for December 2026 During an online ministerial conference held on November 1, 2026, the core group of 7 member nations within OPEC+—comprising Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman—agreed in principle to maintain existing crude oil production targets for December 2026, as documented by [Bao Tin Tuc](https://baotintuc.vn/opec-nhat-tri-giu-nguyen-muc-tieu-san-luong-dau-trong-thang-122026-post1399007.html) on November 1, 2026. The participating members confirmed that no additional quota hikes or reductions will be implemented prior to the conclusion of 2026. This decision maintains the operational stability adopted throughout recent deliberations. Production baselines for October 2026 and November 2026 were likewise kept steady to evaluate consumer market absorption across major importing destinations, according to reporting by [CNBC](https://www.cnbc.com/2026/10/31/opec-oil-output-targets-december.html) on October 31, 2026. The collective required output target for the 7 primary participating nations in December 2026 remains anchored near 31 million barrels per day, as verified by [The National](https://www.thenationalnews.com/business/energy/2026/11/01/opec-holds-december-oil-output-targets-steady-as-iran-war-disrupts-supply/) on November 1, 2026. Holding quotas steady allows global refining networks and maritime logistics operators to organize scheduled cargo loadings without short-notice volume shifts prior to the 2027 contract cycle. ## Timeline of Production Adjustments in 2026 The production policy of OPEC+ during 2026 has been defined by multiple regulatory layers implemented across distinct phases: | Period in 2026 | Production Adjustment Volume | Implementation Status | Governance Mechanism | | :--- | :--- | :--- | :--- | | September 2026 | 1.65 million barrels per day | Phased rollback completed | 7 core member group | | October 2026 | Unchanged quotas | Production steady | Joint Ministerial Monitoring | | November 2026 | Unchanged quotas | Production steady | Joint Ministerial Monitoring | | December 2026 | Unchanged quotas | Held at roughly 31 million barrels per day | Agreed in principle on Nov 1, 2026 | | Year-end 2026 | 2 million barrels per day | Maintained output cut | Existing baseline framework | *Source: Compiled from press reporting by [Bao Tin Tuc](https://baotintuc.vn/opec-nhat-tri-giu-nguyen-muc-tieu-san-luong-dau-trong-thang-122026-post1399007.html) and [CNBC](https://www.cnbc.com/2026/10/31/opec-oil-output-targets-december.html) on November 1, 2026.* Across the initial nine months of 2026, the 7 core participating nations executed a gradual output restoration schedule. By September 2026, the alliance successfully completed the phased reversal of the voluntary 1.65 million barrels per day reduction originally established in 2023, according to confirmation from [CNBC](https://www.cnbc.com/2026/10/31/opec-oil-output-targets-december.html) on October 31, 2026. Despite the conclusion of that voluntary adjustment, OPEC+ continues to enforce a separate curtailment layer of approximately 2 million barrels per day across the majority of member states through the conclusion of 2026, as reported by [Bao Tin Tuc](https://baotintuc.vn/opec-nhat-tri-giu-nguyen-muc-tieu-san-luong-dau-trong-thang-122026-post1399007.html) on November 1, 2026. This ongoing quota discipline balances crude exports against global demand indicators. ## Preparing for the November 29 Ministerial Call The consensus reached on November 1, 2026 functions as a preparatory step ahead of the comprehensive ministerial gathering involving all 21 OPEC+ member states on November 29, 2026, according to coverage by [The National](https://www.thenationalnews.com/business/energy/2026/11/01/opec-holds-december-oil-output-targets-steady-as-iran-war-disrupts-supply/) on November 1, 2026. Throughout the fourth quarter of 2026, technical working groups are completing an independent audit of member production capacities. This assessment forms the foundation for setting 2027 production baselines, as highlighted by [CNBC](https://www.cnbc.com/2026/10/31/opec-oil-output-targets-december.html) on October 31, 2026. Establishing new baselines requires consensus because member nations exhibit differing capital expenditure timelines across their upstream assets. Market participants reviewing energy market trends and transport indices can explore historical analyses of [domestic fuel prices and energy equities](/en/blog/vietnam-fuel-prices-oil-gas-stocks-oct-29-2026) alongside broader supply reports in the [fourth quarter commodities review](/en/blog/commodities-q4-2026-oil-steel-agriculture). ## Energy Market Context and Price Indices in 2026 Prior to the November 1, 2026 meeting of the 7 core OPEC+ producers, global commodity markets experienced elevated price swings across major energy benchmarks. According to the Commodity Markets Outlook published by the [World Bank](https://www.worldbank.org/en/news/press-release/2026/10/28/commodity-markets-outlook-october-2026) on October 28, 2026, energy prices are projected to rise by 32% in 2026. The report estimated that international benchmark Brent crude (traded on ICE Futures Europe, distinct from WTI on NYMEX) averaged $69 per barrel in 2025 and forecast an average of $91 per barrel in 2026 before easing to $79 per barrel in 2027. The World Bank study also projected that broader commodity price indices would expand by 23% over the full year 2026 due to prolonged supply chain tensions. > Chart: World Bank Brent Crude Oil Price Projection. USD per barrel. 2025: 69; 2026: 91; 2027: 79. Domestically, independent statistical data reflected earlier price movements across transport and manufacturing inputs during the first nine months of the year. According to the press release published by the [National Statistics Office of Vietnam](https://www.nso.gov.vn/tin-tuc-thong-ke/2026/10/thong-cao-bao-chi-ve-tinh-hinh-gia-thang-chin-quy-iii-va-9-thang-nam-2026/) on October 3, 2026, the average consumer price index (CPI) for the initial 9 months of 2026 rose by 4.52% compared to the identical period in 2025, while 9-month core inflation increased by 4.26%, with Q3 2026 CPI advancing 4.8% year-on-year. Within that dataset, September 2026 CPI increased by 0.62% from August 2026, reflecting earlier fuel price adjustments. These macroeconomic releases capture conditions established before the OPEC+ gathering on November 1, 2026. By agreeing in principle to maintain December 2026 production targets unchanged, the core 7 producers preserved predictable baseline supply volumes through the end of 2026, deferring major quota recalibrations until the full 21-member ministerial conference late in the month. ## Sources - Bao Tin Tuc: [OPEC+ agrees to maintain oil output targets in December 2026](https://baotintuc.vn/opec-nhat-tri-giu-nguyen-muc-tieu-san-luong-dau-trong-thang-122026-post1399007.html) (01/11/2026) - CNBC: [OPEC+ keeps December oil output targets steady ahead of tougher call for 2027](https://www.cnbc.com/2026/10/31/opec-oil-output-targets-december.html) (31/10/2026) - The National: [OPEC+ holds December oil output targets steady](https://www.thenationalnews.com/business/energy/2026/11/01/opec-holds-december-oil-output-targets-steady-as-iran-war-disrupts-supply/) (01/11/2026) - World Bank: [Commodity Markets Outlook - October 2026](https://www.worldbank.org/en/news/press-release/2026/10/28/commodity-markets-outlook-october-2026) (28/10/2026) - National Statistics Office of Vietnam: [Press Release on Price Situation in September, Q3 and 9 Months of 2026](https://www.nso.gov.vn/tin-tuc-thong-ke/2026/10/thong-cao-bao-chi-ve-tinh-hinh-gia-thang-chin-quy-iii-va-9-thang-nam-2026/) (03/10/2026) ## Frequently asked questions ### What did OPEC+ decide regarding production targets on November 1, 2026? The alliance agreed to keep crude oil production targets unchanged for December 2026, implementing no further quota shifts for the remainder of the year. ### When will OPEC+ establish its oil production framework for 2027? All 21 member nations are scheduled to meet on November 29, 2026 to review production capacity assessments and finalize 2027 baselines. ### Which production curtailments remain active through the end of 2026? A supply cut of 2 million barrels per day established under previous accords remains in force across participating members through the conclusion of 2026. --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._