Latest: the seven OPEC+ members confirmed the December hold after their online meeting on Sunday. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman decided to maintain September 2026 required production for December 2026, OPEC said in its press release, and reiterated their collective commitment to full conformity with the Declaration of Cooperation. The December required production levels are unchanged from September, October and November: Saudi Arabia at 10.478 million barrels per day, Russia at 9.949 million, Iraq at 4.431 million, Kuwait at 2.676 million, Kazakhstan at 1.628 million, Algeria at 1.007 million and Oman at 841,000, a combined 31.01 million barrels per day. The seven will keep meeting monthly to review market conditions, and their next meeting is on November 29, 2026, the day of the full OPEC+ ministerial meeting.
OPEC+ oil producing countries were set to keep oil production targets steady for December at a meeting on Sunday, as the group still struggles with export disruptions from the United States and Iran war, Reuters reported. The seven core members meeting online, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, have agreed in principle to keep output unchanged for next month, three people with knowledge of the matter told Reuters on Saturday.
The hold extends a pattern set earlier in the autumn. The group kept targets steady for October and November, after completing in September the phased rollback of a 1.65 million barrel per day supply cut first agreed in 2023. A second layer of cuts of about 2 million barrels per day, covering most members, remains in place through the end of 2026.
Targets and actual supply are different things in the Gulf. Gulf members have been boosting exports disrupted for months by the conflict, but most are still pumping well below their targets, Reuters noted. Saudi Arabia reported September production of about 8.37 million barrels per day to OPEC, roughly 2.1 million barrels per day below its 10.5 million barrel per day target, according to the group’s October monthly report.
With December settled in principle, the group’s work shifts to 2027. OPEC+ needs to complete a review of members’ production capacity during the fourth quarter before setting the 2027 baselines that will determine future quotas and shape plans to unwind the remaining cuts. The full ministerial meeting on November 29 is the next formal checkpoint.