OPEC+ has agreed in principle to keep its December oil output targets unchanged, three people familiar with the matter told Reuters on Oct. 31, ahead of a Sunday online meeting of seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.
Gulf producers are still pumping below quota after months of Iran-war export disruption, and the group keeps about 2 million barrels per day of cuts in place through the end of 2026 while it sets 2027 baselines.
Brent's expiring December contract settled up 2.4% at $117.64 on Friday, and WTI ended at $104.12.
Reported from Reuters via CNBC. Site-only brief: it was not posted on X.
