OPEC+ has kept December’s oil production quotas unchanged

Seven key OPEC+ countries have decided to maintain their oil production targets for December at the levels set for September 2026. The members explained that the decision was driven by the need to maintain stability in the oil market. The next meeting is scheduled for 29 November.

Add Logos Press as a preferred source on Google

The decision was taken on 1 November 2026 at an online meeting attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. According to an official OPEC statement, the countries reviewed the current situation in the global oil market and its outlook.

The participants reaffirmed their commitment to the cooperation agreement between OPEC member states and partner countries. Production targets for December will remain the same as those for September, October and November.

Why OPEC+ is not changing its quotas

Throughout 2026, the alliance’s members gradually increased their production targets, phasing out previously agreed restrictions. September saw the completion of the phased withdrawal from the 1.65 million barrels per day supply cut introduced in 2023.

However, additional restrictions of around 2 million barrels per day remain in place for most members until the end of 2026. As Reuters notes, the alliance’s future decisions will depend, amongst other things, on negotiations regarding production quotas for 2027 and an assessment of individual countries’ production capacity.

Oil supply is also being affected by disruptions to exports from the Persian Gulf region. As a result, actual production by a number of producers remains below the set target levels.

When will OPEC+ review the quotas for 2027?

The next meeting of the seven countries is scheduled for 29 November. A meeting of OPEC members and partner countries is also scheduled for the same date, at which further parameters of cooperation and production targets are to be considered, according to the organisation’s statement.

Maintaining the December quotas means there will be no further increase in production targets at the end of the year. However, this in itself does not guarantee that actual supplies will remain unchanged: they depend on the countries’ production capacities and the export situation.

This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.

How did this story make you feel?