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Global · Markets · Source: opec.org · News archive (older than 3 days)
Seven OPEC+ producers keep December oil output targets unchanged
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Summary: Seven OPEC+ countries agreed on Sunday to keep their December 2026 production targets at the level set for September. Analysts cited by Reuters expect the bigger decision, on quotas for 2027, at a meeting of the wider group on 29 November.
What happened
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman met online on 1 November 2026. In its statement, OPEC said the seven decided to "maintain September 2026 required production for December 2026". They also restated their commitment to full conformity with the Declaration of Cooperation, the agreement behind the OPEC+ alliance, and said monthly reviews would continue.
According to The National, the combined December target for the seven is about 31 million barrels per day (bpd), the same as for September, October and November. It listed Saudi Arabia's allocation at 10.478 million bpd, Russia's at 9.949 million bpd and Iraq's at 4.431 million bpd. Reuters and The National both reported that most members are producing below their targets because of export disruptions linked to the war involving Iran.
Background
Reuters reported that the seven completed the phased return of a 1.65 million bpd voluntary cut, first agreed in 2023, in September, and then held targets steady for October and November. A further layer of cuts of about 2 million bpd covers most members until the end of 2026, according to Reuters.
According to The National, shipping through the Strait of Hormuz has been largely halted since the US-Iran conflict started on 28 February. Market pricing, as reported by The National: Brent crude settled at $117.64 a barrel on Friday, 30 October, up 2.4% on the day.
Why it matters for markets and crypto
Oil supply decisions feed into energy prices, inflation and therefore central bank decisions on interest rates. Those conditions shape financial markets in general, including digital assets. This decision relates to the wider economy and does not express a view on any asset.
What to watch next
- Mid-November 2026: a review of members' production capacity is expected to be completed, according to Reuters, citing unnamed sources. It will feed into the baselines for 2027 quotas.
- 29 November 2026: next meeting of the seven, per OPEC's statement. Reuters reported that all members of the wider 21-country group are also due to meet that day, when analysts expect a decision on 2027 quotas.
Sources
- OPEC, "Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability", 1 November 2026
- Reuters via Investing.com, "OPEC+ keeps December oil output targets steady ahead of tougher call for 2027", 1 November 2026
- The National, "Opec+ holds December oil output targets steady as Iran war disrupts supply", 1 November 2026
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