OPEC+ keeps December oil targets unchanged
Seven OPEC+ producers will retain September’s production targets for December and meet again on 29 November.
Seven OPEC+ countries have agreed to keep their oil production targets unchanged for December, extending the levels set for September through the final month of 2026.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman made the decision at a virtual meeting on Sunday, 1 November, according to OPEC’s official statement.
The group’s December schedule totals 31.01 million barrels a day, calculated from the country allocations published with the decision. These are required production levels, rather than a measure of oil actually produced or exported.
December targets
- Saudi Arabia: 10.478 million barrels a day
- Russia: 9.949 million
- Iraq: 4.431 million
- Kuwait: 2.676 million
- Kazakhstan: 1.628 million
- Algeria: 1.007 million
- Oman: 841,000
The seven countries reaffirmed their commitment to comply fully with the Declaration of Cooperation and scheduled their next meeting for 29 November.
Sunday’s decision extends the approach adopted at the 4 October meeting, when the same countries retained September’s required production levels for November.
The December decision is separate from the wider OPEC+ ministerial meeting scheduled for 29 November. At its June meeting, the wider group reaffirmed its existing overall production framework through the end of 2026 and backed a capacity assessment to inform production baselines for 2027.