OPEC and its allies have agreed to keep December oil production targets at September 2026 levels, extending their pause on planned output increases as the group continues to assess global market conditions.
The decision was reached Sunday during a virtual meeting of seven OPEC+ countries that had introduced additional voluntary production adjustments in April and November 2023: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
Following a review of market conditions and the outlook, the group agreed to maintain its existing production requirements for December rather than proceed with further increases.
Saudi Arabia will retain the highest required production level at approximately 10.48 million barrels per day (bpd), followed by Russia at 9.95 million bpd. Iraq’s target will remain at 4.43 million bpd, while Kuwait’s will stand at 2.68 million bpd.
Kazakhstan’s required output will be 1.63 million bpd, while Algeria and Oman will maintain targets of 1.007 million bpd and 841,000 bpd, respectively.
The seven countries reaffirmed their commitment to full compliance with the Declaration of Cooperation and said they would continue meeting monthly to review market developments.
OPEC said the next meeting is scheduled for November 29, when the countries will reassess market conditions.
The latest decision follows similar agreements to keep production levels unchanged in October and November, prolonging the group’s pause on output increases.