Seven OPEC+ member countries have agreed to maintain their oil production levels for December 2026, following a virtual meeting held on Sunday, November 1. This decision concerns Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
The meeting was devoted to examining the global oil market situation and assessing its prospects.
The seven countries, which had announced additional voluntary production adjustments in April and November 2023, decided to extend into December 2026 the production levels required in September of the same year.
This decision is within the framework of the consultative mechanism among the participating countries, designed to monitor developments in the international oil market.
During this meeting, the seven producers renewed their collective commitment to fully comply with the Cooperation Declaration, which provides the coordinating framework among the members of the Organization of the Petroleum Exporting Countries (OPEC) and their partners.
They thereby reaffirmed their willingness to honor the commitments agreed within the framework of this cooperation.
The seven countries also confirmed the continuation of their monthly consultations to monitor the oil market situation and examine its prospects. The next meeting is scheduled for 29 November 2026.
Required oil production in December 2026 (thousand barrels per day)
| Country | Required production (thousand barrels per day) |
|---|---|
| Algeria | 1 007 |
| Iraq | 4 431 |
| Kuwait | 2 676 |
| Saudi Arabia | 10 478 |
| Kazakhstan | 1 628 |
| Oman | 841 |
| Russia | 9 949 |
Unit: thousand barrels per day (kb/d).
