OPEC+ holds December oil output steady to support market stability

By Udeme Akpan, Energy Editor The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, have agreed to maintain their September 2026 required production levels for December to support stability in the global oil market. The countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — reached the agreement at a virtual meeting on November 1, 2026, where they reviewed “global market conditions and outlook”.

The seven producers, which announced additional voluntary production adjustments in April and November 2023, 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 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 framework guiding collaboration between OPEC members and participating non-OPEC oil producers.

They added that they would continue to monitor 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. The seven countries’ combined required production level for December stands at 31.01 million barrels per day (bpd), according to the accompanying production schedule.

Saudi Arabia has the highest required production level at 10.478 million bpd, followed by Russia with 9.949 million bpd and Iraq 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, with positive implications for Nigeria’s revenue and foreign exchange earnings.