Seven OPEC+ countries have agreed to maintain their December 2026 oil production requirements at the levels set for September, following a review of global market conditions.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman reached the decision during an online meeting on 1 November, according to a statement published by OPEC.
The countries previously announced additional voluntary production adjustments in April and November 2023. Their latest agreement retains the September production requirements for December rather than introducing a further increase or reduction.
The participants also reaffirmed their commitment to full compliance with the Declaration of Cooperation, which provides the framework for coordination between OPEC and participating non-OPEC producers.
The seven countries will continue to meet monthly to review the global oil market. Their next meeting is scheduled for 29 November 2026.
