OPEC+ Nations Hold Oil Production Steady for November

Seven key OPEC+ nations, including Russia, Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, have decided to keep their oil production levels unchanged for November 2026. The organization announced this decision on Sunday, confirming that the seven countries will maintain their September 2026 production targets.

Since September, these seven countries have collectively increased their maximum permitted oil production by 188,000 barrels per day, excluding adjustments for previous overproduction. However, the current production levels do not yet account for the alliance's decision to extend the compensation period for past overproduction through December 2026. The previous compensation schedule ended in June, with a new schedule yet to be announced.

The seven OPEC+ countries have now raised their combined oil production to 31.01 million barrels per day, effectively completing the phase-out of their voluntary production cuts that began in September. The countries will continue to hold monthly meetings to assess market conditions, with the next meeting scheduled for November 1, 2026.

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) recommended keeping the current oil production agreement parameters unchanged. The JMMC reviewed production data for July and August 2026 and noted overall compliance with the Declaration of Cooperation (DoC) by participating countries. No new decisions were made during the latest meeting, with the next JMMC meeting set for November 29, 2026.