OPEC+ holds December oil output targets unchanged

02/11/2026 03:47 AST

Seven OPEC+ countries have agreed to maintain their required oil production levels for December, reaffirming their commitment to market stability and compliance with the group's production agreement.

The decision was reached during a virtual meeting on Sunday, involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, which reviewed global oil market conditions and the outlook.

The seven participating countries decided to maintain September 2026 required production for December 2026, with Saudi Arabia's allocation set at 10.478 million barrels per day, followed by Russia at 9.949 million bpd and Iraq at 4.431 million bpd, according to an official statement.

Kuwait's required production level will remain at 2.676 million bpd, while Kazakhstan's stands at 1.628 million bpd. Algeria and Oman will maintain levels of 1.007 million bpd and 841,000 bpd, respectively.

The seven producers had previously announced additional voluntary production adjustments in April and November 2023.

They also reiterated their collective commitment to achieving full conformity with the Declaration of Cooperation, which underpins coordination among OPEC and participating non-OPEC oil-producing countries.

The countries will continue holding monthly meetings to assess market conditions and production requirements, with their next meeting scheduled for Nov. 29.

Arab News