OPEC+ maintains oil quotas in December

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Briefings

OPEP+ agreed to maintain December production quotas despite Gulf oil exports recovering, with the agreement reached by seven countries who reversed voluntary cuts. The next meeting is scheduled for November 29, coinciding with the OPEP+ summit. However, export restrictions continue to prevent Gulf producers from fully utilizing available quotas, with Saudi Arabia producing significantly below its quota. The data reflects estimates from secondary sources cited by Bloomberg, and the compensation period for previous production excesses was extended to the end of the year.

Key points

The OPEP+ agreed to maintain December production quotas despite Gulf oil exports recovering, with the agreement reached by seven countries who reversed voluntary cuts.

Saudi Arabia produced significantly below its quota of 10.48 million barrels, while Kuwait produced 1.77 million barrels, well below the authorized 2.68 million barrels.

Context

The OPEP+ meeting occurred in November 2026, with the agreement reached on November 1. The next meeting is scheduled for November 29, coinciding with the OPEP+ summit. The data reflects estimates from secondary sources cited by Bloomberg, and the compensation period for previous production excesses was extended to the end of the year.

Limitations

The data reflects estimates from secondary sources cited by Bloomberg, and the compensation period for previous production excesses was extended to the end of the year. The evidence does not include the actual production figures for the months following June, nor does it account for the specific impact of the quotas on the Gulf Coast's ability to utilize available production capacity.

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