OPEC+ holds December oil targets as production lags quotas
OPEC+ kept December production targets at September’s levels, The National reports, leaving the seven core producers’ combined quota at about 31 million barrels per day. Most members are producing below their targets because of the war. The decision leaves the remaining production cuts in place through year-end, while a capacity review will help set next year’s quotas. The next meeting is scheduled for November 29; unchanged targets do not mean unchanged physical supply.
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OPEC+ kept December production targets at September’s levels, The National reports, leaving the seven core producers’ combined quota at about 31 million barrels per day. Most members are producing below their targets because of the war. The decision leaves the remaining production cuts in place through year-end, while a capacity review will help set next year’s quotas. The next meeting is scheduled for November 29; unchanged targets do not mean unchanged physical supply.
Counter view: Limitation: most members are producing below their targets because of the war, so the quota decision does not establish actual supply volumes.
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