OPEC+ has agreed to keep its September 2026 required production levels in place for December, in a move meant to support stability in the global oil market.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman reached the decision at a virtual meeting on November 1, 2026. The seven countries reviewed “global market conditions and outlook” during the session.
The seven producers announced additional voluntary production adjustments in April and November 2023. They have now decided to retain their existing production requirements for December.
In a statement after the meeting, the countries reaffirmed their commitment to cooperation among oil-producing nations and to stability in the international market.
The statement read: “The seven participating countries decided to maintain September 2026 required production for December 2026.”
The countries also reiterated their “collective commitment to achieve full conformity with the Declaration of Cooperation”. The declaration is the framework that guides collaboration between OPEC members and participating non-OPEC oil producers.
They added that they would keep monitoring developments in the global oil market through regular consultations.
“The seven OPEC+ countries will continue to hold monthly meetings to review market conditions. The next meeting will be held on 29 November 2026,” the statement said.
According to the accompanying production schedule, the combined required production level of the seven countries for December stands at 31.01 million barrels per day (bpd).
Saudi Arabia has the highest required production level at 10.478 million bpd. Russia follows with 9.949 million bpd, while Iraq is next with 4.431 million bpd.
Kuwait, Kazakhstan, Algeria and Oman have required production levels of 2.676 million bpd, 1.628 million bpd, 1.007 million bpd and 841,000 bpd, respectively.
Reacting to the development in an interview, an energy analyst who spoke on condition of anonymity said the decision could support international crude oil prices. The analyst added that this would have positive implications for Nigeria’s revenue and foreign exchange earnings.
