OPEC+major oil producing countries decide to maintain production unchanged in December
- Date: Nov 03, 2026
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- Categories: News
On November 1st, the Organization of the Petroleum Exporting Countries (OPEC) issued a statement stating that the seven major OPEC+oil producing countries have decided to maintain their current crude oil production unchanged in December.
The statement stated that representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting on the same day to assess the current situation and prospects of the global oil market. The meeting decided to maintain production unchanged in December, at the same level as September.
OPEC+is composed of OPEC member countries and non OPEC oil producing countries such as Russia. From April to September this year, major oil producing countries have been increasing production month by month, and production has been suspended since October.
The statement did not mention the reason for maintaining production unchanged, but there are reports that OPEC+oil producing countries are still struggling to cope with export disruptions caused by the Middle East conflict, so no further policy adjustments will be made before next year. Each oil producing country needs to complete a production capacity assessment in the fourth quarter to determine the production quota for 2027.
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