The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, will keep their oil output levels unchanged for the third consecutive month in December, OPEC said in a statement on Sunday.
Seven OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, announced the decision after a virtual meeting to review global market conditions and the outlook.
"The seven participating countries decided to maintain September 2026 required production for December 2026," the statement noted.
Under the agreement, the seven countries will maintain their combined required production level at approximately 31.01 million barrels per day (bpd) in December. Saudi Arabia's required production level will remain at 10.48 million bpd, followed by Russia at 9.95 million bpd and Iraq at 4.43 million bpd.
The OPEC+ members had been raising oil output on a monthly basis from April to September this year. They paused the increases in October and kept November's output unchanged.
OPEC said the seven countries will hold their next meeting on Nov. 29 to review market conditions.
OPEC+ to maintain oil output for 3rd consecutive month in December
Iranian Foreign Minister Seyed Abbas Araghchi said on Sunday the outcome of the ongoing Qatar-mediated consultations hinges on Washington's responses to questions raised by Iran.
Araghchi said an Iranian delegation had traveled to Qatar on Saturday for further discussions, adding that his aide was there to continue consultations with mediators.
The two-day talks remained underway, with no final conclusion reached. Araghchi expressed hope that the United States would rationally opt for diplomacy over other approaches.
An official briefed on the negotiations told the media that Qatar had maintained contact with the White House during the talks. The day before, Qatari mediators held more than 12 hours of talks with Iranian counterparts in Tehran, aiming to clinch a U.S.-Iran agreement to avert renewed conflict after the U.S. midterm elections.
In an interview with Al Jazeera on Saturday, Araghchi dismissed reports of possible meetings as media speculation, saying Iran saw no need to meet with American officials at present. He said Tehran would decide whether to hold direct or indirect negotiations after Washington accepted Iran's conditions.
According to Araghchi, Iran's conditions include recognition of a new shipping route through the Strait of Hormuz that Tehran had worked out with Oman, and the closure of other routes.
He said Tehran also sought the lifting of sanctions imposed after the Islamabad Memorandum of Understanding (MoU), a reduction in U.S. military forces in the region, the restoration of sanctions waivers for Iranian oil exports, and the release of all frozen Iranian funds, including those held in Qatar.
Iran also demanded an end to hostilities on all fronts, including Lebanon, he said.
Araghchi said mediators had presented proposals concerning Iran's nuclear program, which Tehran was reviewing as part of what he described as a second phase.
The Iranian foreign minister also said a letter from U.S. Vice President JD Vance had been reviewed at high-level meetings, describing the American effort to open the door to broader dialogue and understanding as a "positive step."
Iran says outcome of Qatar-mediated talks hinges on US response
