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The Organization of the Petroleum Exporting Countries and its allies (OPEC+) has kept oil production levels unchanged for November 2026 at a combined 31.01 million barrels per day for seven participating countries.
The decision was announced following a virtual meeting held on Sunday, October 4, 2026, by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman to review global oil market conditions and outlook.
The seven countries will maintain their September 2026 required production levels in November, extending the pause already applied to October after four consecutive monthly production increases.
OPEC+ holds November output steady
The seven OPEC+ countries, which previously announced additional voluntary production adjustments in April and November 2023, agreed to retain their current production requirements after reviewing developments in the global oil market. Their combined required production for November remains at 31.01 million barrels per day.
Saudi Arabia retains the highest required production level among the seven countries, while Russia and Iraq follow as the next-largest producers under the arrangement.
- “The seven participating countries decided to maintain September 2026 required production for November 2026 as detailed in the table below,” OPEC+ said in the statement.
- Saudi Arabia’s required production remains at 10.478 million bpd, followed by Russia at 9.949 million bpd and Iraq at 4.431 million bpd.
- Kuwait is required to produce 2.676 million bpd, Kazakhstan 1.628 million bpd, Algeria 1.007 million bpd and Oman 841,000 bpd.
The countries also reiterated their commitment to achieving full conformity with the Declaration of Cooperation and will meet again on November 1, 2026, to review market conditions.
Four output increases preceded pause
OPEC+ paused its recent production increases in October after raising output quotas for four consecutive months as part of a phased unwinding of supply cuts introduced in 2023. The November decision means the pause will now extend for a second consecutive month.
- In early August, the group approved a 188,000 bpd production increase for September, following identical increases approved for June, July and August.
- The four successive increases brought the planned restoration of production to 752,000 bpd.
- The increases reversed part of the supply restrictions previously introduced by participating countries to support the global crude market.
Actual supply returned to the market has remained below the headline quota increases because some members have limited production capacity, while others are required to compensate for earlier overproduction.
Saudi Arabia continues to account for a significant share of OPEC+ spare production capacity.
The decision to hold production steady gives the group additional time to assess the impact of the supply already restored to the market before considering further increases.
Nigeria watches OPEC+ supply decisions
Nigeria is not among the seven countries covered by the additional voluntary production adjustments reviewed at the October 4 meeting. However, production decisions within OPEC+ remain important for the country because crude oil exports account for a significant share of government foreign-exchange earnings and fiscal revenues.
- Nigeria has sustained crude oil production above its OPEC quota in recent months, strengthening efforts to raise output and improve oil revenues.
- Average crude oil production first climbed to 1.53 million bpd in May 2026, marking the first time in the year that output moved above the country’s OPEC quota. Production remained above 1.5 million bpd for a third consecutive month in July, despite easing from the previous month.
- By August, Nigeria produced an average of 1.678 million barrels of crude oil and condensates per day, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), representing a 0.4% increase from July.
The improvement follows stronger production recorded in 2025, when NNPC said crude oil and condensate output averaged about 1.77 million bpd, its highest average daily production in five years.
