OPEC+ Keeps November 2026 Oil Production Unchanged at 31.01 Million bpd

OPEC+ has decided to keep oil production levels steady for November 2026, maintaining the current output of 31.01 million barrels per day for seven key member countries. The decision was made during a virtual meeting on October 4, 2026, where Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman reviewed global oil market conditions. The group opted to extend the production pause that was already in place for October, following four consecutive months of increases.

Each of the seven countries will adhere to their September 2026 production targets. Saudi Arabia remains the largest producer with a required output of 10.478 million barrels per day, followed by Russia at 9.949 million bpd and Iraq at 4.431 million bpd. The other countries, Kuwait, Kazakhstan, Algeria, and Oman, have their own specified production levels, ranging from 2.676 million bpd to 841,000 bpd.

The OPEC+ alliance reaffirmed its commitment to the Declaration of Cooperation, emphasizing full conformity with the agreed-upon production levels. The group will reconvene on November 1, 2026, to reassess market conditions and potentially adjust their strategy accordingly.