OPEC+ Holds December Output at September Levels Amid Export Disruptions
Key Facts
Saudi Arabia, Russia and five other OPEC+ members kept December 2026 output at the levels required in September, in a decision announced after the seven countries held a virtual meeting on November 1 to review market conditions and outlook. OPEC said the members decided to "maintain December 2026 production at the production levels required for September 2026." The decision applies only to next month's targets and does not extend this hold through year-end. The statement said the seven countries would continue reviewing market conditions and the outlook, while remaining committed to market stability. They also reaffirmed their collective commitment to full compliance with the Declaration of Cooperation.
The required December production levels include 10.478 million barrels per day for Saudi Arabia, 9.949 million for Russia and 4.431 million for Iraq, according to figures reported by Arab News. Kuwait's quota is 2.676 million barrels per day, while Kazakhstan was set at 1.628 million and Algeria at 1.007 million. Oman's level is 841,000 barrels per day. These figures set the seven countries' required production ceilings for the month, according to the levels maintained by the decision. The group kept its October and November targets unchanged at earlier meetings, Reuters reported ahead of the November meeting.
The December hold came after the seven countries completed the phased unwinding in September of a 1.65 million barrels per day supply cut first agreed in 2023, Reuters reported. That phase of reducing the cut therefore ended, while production targets remained stable through October and November. But the end of this phase does not mean all OPEC+ cuts have ended. Reuters said another layer, totaling about 2 million barrels per day and covering most alliance members, remained in effect through the end of 2026. This layer is separate from the seven countries' decision on December targets.
Export disruptions linked to the U.S.-Iran war are continuing, Reuters reported, despite Gulf producers increasing their exports. The agency said most group members are still pumping far below their targets, underscoring the gap between required production levels and the volumes that some producers actually deliver. Meanwhile, global supply rose by 2.5 million barrels per day month on month in September to 102.3 million barrels per day, driven by Gulf producers, according to the International Energy Agency. The agency reported that North Sea Dated crude rose by $26.17 a barrel during the same month to $116.89, amid renewed fighting in the Middle East and supply disruptions. The increase in supply and prices offers a mixed backdrop for the market OPEC reviews, with global supply rising while export flows remain disrupted.
Producers are turning their attention to a review of production capacity. Reuters reported that the group needs to complete a review of members' capacities during the fourth quarter before setting baseline quotas for 2027. OPEC's statement said an assessment of maximum sustainable capacity would be used as the reference for those baselines. This means the review precedes the setting of benchmark production levels for next year, while current December targets remain tied to September levels. The seven countries are due to hold their next monthly meeting on November 29, 2026. OPEC said its monthly meetings would continue to review market conditions, alongside members' reaffirmation of their commitment to comply with the Declaration of Cooperation.