LONDON/MOSCOW: OPEC+ oil producers have agreed in principle to leave their December output targets unchanged, three people familiar with the matter said, as the group prepares to turn its attention to production policy for 2027.

The decision, expected to be confirmed at an online meeting November 1, is in line with expectations that the group will make no further adjustments to output policy until next year.

The meeting will involve seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — as Gulf producers increase exports that have been disrupted for months by the Iran war.

Most of the producers, however, are still pumping well below their output targets.

The three people familiar with the matter declined to be identified.

OPEC+ comprises the Organization of the Petroleum Exporting Countries and allies including Russia.

In September, the group completed the phased rollback of a 1.65 million-barrel-per-day supply cut that was first agreed in 2023. Disruptions caused by the Iran war have meant Gulf producers are falling below their quotas.

Reuters reported in July that OPEC+ was likely to make no changes to its production targets during the fourth quarter as the group shifted its focus toward negotiations over quotas for 2027.

OPEC+ still has another layer of production cuts totaling about 2 million barrels per day covering most members through the end of 2026.

The group must also complete a review of members' production capacity during the fourth quarter before establishing its 2027 baselines.

Those baselines will determine future production quotas and help shape plans for eventually unwinding the remaining cuts, sources have said.