OPEC+ Holds November Oil Output Steady at 31.01 Million bpd

OPEC+ has decided to maintain its oil production levels unchanged for November 2026, holding steady at 31.01 million barrels per day for seven participating countries. The decision came after a virtual meeting on October 4, 2026, involving key members such as Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. These countries reviewed global oil market conditions and opted to extend the production pause that was already in place for October, following four consecutive monthly increases.

The seven nations will adhere to their September 2026 production requirements, with Saudi Arabia leading at 10.478 million bpd, followed by Russia at 9.949 million bpd and Iraq at 4.431 bpd. The other countries' production targets are Kuwait (2.676 million bpd), Kazakhstan (1.628 million bpd), Algeria (1.007 million bpd), and Oman (841,000 bpd). The group emphasized its commitment to full conformity with the Declaration of Cooperation and plans to meet again on November 1, 2026, to reassess market conditions.

The production pause follows four consecutive monthly increases in output quotas, which began in August 2026. The group had approved a 188,000 bpd increase for September, part of a phased restoration of supply cuts introduced in 2023. The November decision marks the second consecutive month of no changes, allowing OPEC+ to evaluate the market impact of recent supply adjustments.

Meanwhile, Nigeria, not part of the seven countries under review, continues to monitor OPEC+ decisions closely. The country has sustained crude oil production above its OPEC quota in recent months, with output reaching 1.678 million bpd in August 2026. This improvement follows stronger production trends in 2025, when daily output averaged 1.77 million bpd, the highest in five years.