Seven OPEC+ producers led by Saudi Arabia agreed on Sunday to keep their oil production targets for December unchanged at September 2026 levels, according to a statement published by OPEC.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman met by videoconference on November 1 to review global market conditions and the outlook, the statement said.
Under the December table, Saudi Arabia’s required production stands at 10.478 million barrels per day. Iraq’s is 4.431 million bpd, Kuwait’s 2.676 million bpd and Oman’s 841,000 bpd.
Russia’s required production is 9.949 million bpd, Kazakhstan’s 1.628 million bpd and Algeria’s 1.007 million bpd. Together the seven targets total about 31 million bpd.
The seven countries reiterated their collective commitment to full conformity with the Declaration of Cooperation, the agreement that underpins the wider OPEC+ alliance. They will keep meeting monthly, and the next meeting is set for November 29.
The decision keeps targets flat for a third straight month after September, October and November. The group finished unwinding 1.65 million bpd of voluntary cuts made in 2023 in September, The National reported. A further 2 million bpd of cuts agreed in 2022 remain in place until the end of the year.
The group is also reviewing members’ production capacity to set quotas for 2027, the newspaper said. Most of the seven are producing below their targets because the war between the United States and Iran has disrupted shipments through the Strait of Hormuz.
Brent crude settled up 2.4% at $117.64 a barrel on Friday, a six-month high, while West Texas Intermediate rose 2.08% to $104.12.
The statement did not announce any additional production adjustments.
