Seven OPEC+ Producers Hold December Output Targets at September Levels

Seven OPEC+ producers will hold December output at September levels after a virtual meeting on November 1, 2026, leaving their required production unchanged.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman carry a combined requirement of roughly 31 million barrels per day. Saudi Arabia accounts for the largest share at 10.5 million bpd, ahead of Russia at 9.9 million and Iraq at 4.4 million. Kuwait's December figure is about 2.7 million bpd, Kazakhstan's 1.6 million, Algeria's 1 million and Oman's 841,000 bpd.

The group said it reviewed conditions and the outlook for global oil markets, and reaffirmed a collective commitment to full compliance with the Declaration of Cooperation, the framework that coordinates output between OPEC members and allied producers.

Holding the targets in place reflects conditions on the ground as much as policy preference. Conflict in the region has constrained exports from several Gulf producers, limiting their ability to meet targets they already hold despite earlier permission to raise output. A producer that cannot ship cannot add barrels, so leaving quotas where they stand costs little in practice while keeping the framework intact for when flows recover.

A separate layer of cuts, about 2 million bpd, stays in force across much of OPEC+ through the end of 2026. The seven countries had previously announced additional voluntary adjustments in April and November 2023.

Work continues on an assessment of members' maximum sustainable production capacity, due for completion in the fourth quarter, which will set baselines for 2027. Ministers meet next on November 29, when they are expected to take up the broader production framework for the coming year.