OPEC+ keeps December oil production targets unchanged
Nov 2, 2026
Seven OPEC+ countries agreed at a virtual meeting on Sunday, November 1, 2026 to keep their oil production targets for December unchanged.
The decision
According to the OPEC statement:
- the seven countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman
- they will keep their December 2026 production at the levels required for September 2026
- they reaffirmed their collective commitment to achieve full conformity with the Declaration of Cooperation
- they will continue to meet monthly to review market conditions
According to Reuters, the combined required production level for the seven countries in December is 31.01 million barrels per day.
The next meeting
The next meeting is scheduled for November 29, 2026. According to media reports, the group is expected to discuss its production framework for 2027 at that meeting.
Why these seven countries meet separately
In 2023, these seven countries announced voluntary production cuts on top of the wider OPEC+ agreement. Since then, they have met regularly to decide whether to keep, reduce or reverse these additional adjustments. Their decisions are reviewed by oil markets because the group produces a large share of the world's crude oil.
What OPEC+ is
OPEC, the Organization of the Petroleum Exporting Countries, was founded in 1960. OPEC+ is a wider group that includes OPEC members and other oil-producing countries, such as Russia and Kazakhstan. The group cooperates on oil production levels under an agreement called the Declaration of Cooperation.
What "conformity" means
Conformity refers to whether member countries produce at or below their agreed levels. When a country produces more than agreed, it may be asked to make up for it later with lower production, known as compensation.
How production decisions can affect oil markets
Oil prices depend on supply and demand. Production decisions by large producers can affect how much oil is available on the market. Other factors include economic growth, inventories, the value of the US dollar, weather and geopolitical events, such as disruptions to exports.
What this can mean for oil companies
Oil prices can affect the revenue and earnings of oil and gas companies. Producers such as Exxon Mobil (NYSE: XOM), Chevron (NYSE: CVX) and BP (NYSE: BP) sell crude oil and natural gas, and also have refining and other businesses. Changes in oil prices can affect each part of these businesses in different ways. For example, lower crude prices can reduce earnings from production but may help refining margins.
Who the main OPEC+ producers are
Saudi Arabia and Russia are the two largest producers in OPEC+. Other large producers in the group include Iraq, the United Arab Emirates, Kuwait, Iran and Kazakhstan. Some OPEC members are exempt from production targets because of sanctions or domestic disruptions. The group's decisions are usually published in statements on OPEC's website after each meeting, often with a table of required production levels for each country.
Barrels per day explained
Oil production is usually measured in barrels per day. One barrel is about 159 litres. Production targets are usually set per country, and changes to them are often announced in thousands of barrels per day. Markets compare these figures with data on demand and inventories published by energy agencies.
What to watch
Key items include the November 29 meeting and any decisions about 2027, export disruptions, global oil inventories and data on fuel demand.
Risks and uncertainties
Oil prices can be volatile and can change quickly because of political and economic events. Decisions by producer groups can change from month to month. Energy shares can be volatile.
What this means for investors
For Investing.one users following oil and gas companies such as XOM, CVX or BP, OPEC+ decisions may be relevant. The information above is based on the OPEC statement and media reports.
Sources
- OPEC press release, 1 November 2026
- The Edge Malaysia (Reuters): Opec+ keeps December oil output targets steady
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