OPEC+ Maintains Oil Production Levels for November 2026

On October 4, 2026, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) held a virtual meeting to discuss the global oil market and decided to keep oil production levels unchanged for November 2026. The combined required output remains at 31.01 million barrels per day for seven participating countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

This decision extends the pause in production that began in October, following four consecutive months of production increases. Saudi Arabia has the highest required production level at 10.478 million barrels per day, followed by Russia at 9.949 million barrels per day and Iraq at 4.431 million barrels per day.

Kuwait, Kazakhstan, Algeria, and Oman have required production levels of 2.676 million, 1.628 million, 1.007 million, and 841,000 barrels per day, respectively. OPEC+ plans to meet again on November 1, 2026, to reassess market conditions.