Seven leading OPEC+ countries, including Saudi Arabia and Russia, agreed to maintain current oil production quotas in December 2026. The decision was made against the backdrop of the war with Iran, which continues to cause disruptions in energy supplies from the Middle East.
This was reported by the Organization of the Petroleum Exporting Countries (OPEC) following an online meeting on November 1. Additional details were provided by Bloomberg.
The consultations involved Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. They decided to keep the target production levels for December at September 2026 figures.
Saudi Arabia's quota will be 10.478 million barrels per day, Russia's - 9.949 million, Iraq's - 4.431 million. The other participants will also maintain the previously established restrictions.
The decision is in line with the previous OPEC+ plan to suspend production quota increases until the end of the year. Over the past months, countries have been gradually increasing the permitted production volumes, completing in September the removal of part of the voluntary cuts introduced in 2023.
At the same time, actual production in a number of Persian Gulf states remains below the established quotas due to the consequences of the military conflict. Therefore, the decision to maintain target levels does not mean that all participants can supply corresponding oil volumes to the market.
According to Bloomberg, last week Brent futures rose to $118 per barrel due to fears of a new escalation in the Middle East. At the same time, the physical market shows signs of easing deficit, as crude oil transportation through the Strait of Hormuz is gradually approaching pre-war levels.
The next important OPEC+ decision will concern production policy for 2027. The alliance will have to determine whether to start restoring another portion of production limited by previous agreements.
These agreements will be influenced by the results of production capacity assessments of member countries, which will be used to set future quotas.
The next meeting of the seven OPEC+ countries is scheduled for November 29, 2026. On the same day, a broader ministerial meeting of the alliance is to take place, dedicated to further oil policy.
