The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have agreed to maintain their existing oil production targets for December 2026 in a bid to support stability in the global oil market.
The decision was reached during a virtual meeting on Sunday, November 1, involving seven key producers: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
In a statement following the meeting, the countries said they would retain their September 2026 required production levels for December, reaffirming their commitment to cooperation among oil-producing nations and stability in the international market.
The seven producers also reiterated their commitment to complying fully with the Declaration of Cooperation, which provides the framework for coordinating production policies among OPEC members and participating non-OPEC countries.
Under the agreed arrangement, the seven countries’ combined required production level for December will remain at 31.01 million barrels per day.
Saudi Arabia has the highest allocation at 10.478 million barrels per day, followed by Russia at 9.949 million barrels and Iraq at 4.431 million barrels per day.
Kuwait’s required production level stands at 2.676 million barrels per day, while Kazakhstan has an allocation of 1.628 million barrels. Algeria and Oman will maintain levels of 1.007 million and 841,000 barrels per day, respectively.
The decision comes as oil producers continue to navigate uncertainty in global energy markets, including supply disruptions and questions over future production capacity.
Although OPEC+ has gradually adjusted output targets during 2026, the latest decision signals a pause in further changes as members assess market conditions and prepare for discussions on production arrangements for 2027.
The seven countries confirmed that they would continue holding monthly meetings to review developments in the oil market. Their next meeting is scheduled for November 29, 2026.
For Nigeria, a major crude oil exporter, developments in global production policy could influence international oil prices, government revenue and foreign exchange earnings. However, the actual impact will depend on market demand, supply conditions and Nigeria’s own production performance.
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