The seven core OPEC+ oil-producing countries met virtually on Sunday, November 1, and decided to maintain September 2026 required production for December 2026, OPEC said in a statement reported by Russia's TASS news agency.
Source: TASS via GeoXAxis (OPEC statement)
The seven countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — the group that previously announced additional voluntary adjustments in April and November 2023. They met to review global market conditions and the outlook, OPEC said.
The remaining December quotas in the OPEC table are Kuwait at 2.676 million barrels a day, Kazakhstan at 1.628 million, Algeria at 1.007 million and Oman at 841,000 barrels a day. The seven reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, OPEC said.
This is the result that followed the earlier announcement-stage reporting: on October 27, sources told Reuters the group was set to keep December targets steady with the focus shifting to 2027 quotas, and a Reuters report on Sunday morning said the seven had agreed in principle to keep output unchanged, with the online meeting starting at 1200 GMT. Sunday's statement converts that expectation into a formal decision.
Source: Reuters via KTWB
The meeting came as Gulf members have been boosting exports disrupted for months by the US-Iran war, although most are still pumping well below their output targets, Reuters reported. Particle News, summarising the decision, likewise noted that most members are still pumping below their assigned targets because the war has disrupted exports and operations in the Gulf and through the Strait of Hormuz.
Source: Particle News
OPEC+ has been raising output targets for much of 2026 and in September completed the phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023 — yaani 16.5 lakh barrels a day restored. The group still has one more layer of production cuts of about 2 million barrels a day, yaani about 20 lakh barrels a day, covering most members through the end of 2026, Reuters reported.
Oil quotas set the backdrop for fuel prices, airline costs and the Gulf economies where lakhs of Punjabi and Indian workers live and work. Holding December targets steady — while actual Gulf output still runs below quota because of war disruption — keeps that backdrop tight rather than adding new supply.
Before setting 2027 quotas, OPEC+ needs to complete a review of members' production capacity during the fourth quarter; those baselines will determine future quotas and shape plans to unwind the remaining cuts, sources told Reuters.
The seven countries will continue to hold monthly meetings to review market conditions, OPEC said, and the next meeting will be held on November 29, 2026.