Follow-Up: OPEC+ Formally Keeps December Output Targets Steady: Seven Members Total About 31.01 Million Barrels a Day, With 2027 Quotas Due for Discussion on November 29
November 1 — OPEC+ oil-producing countries formally kept December production targets steady on Sunday, November 1, at an online meeting, confirming the in-principle agreement reported a day earlier. It is the third straight month the seven core members have held targets unchanged, after October and November were also held steady.
The seven core members are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. In a statement after the meeting, OPEC said the seven agreed to “maintain September 2026 required production for December 2026” and reiterated their collective commitment to achieve full conformity with the Declaration of Co-operation, with monthly meetings continuing.
Under the country targets published by OPEC, the seven members' combined December required production totals approximately 31.01 million barrels a day. Saudi Arabia's target is 10.478 million barrels a day, Russia's is 9.949 million barrels a day, and Iraq's is 4.431 million barrels a day.
OPEC+ comprises the Organization of the Petroleum Exporting Countries and allies including Russia. The group has been boosting output targets for much of 2026 and in September completed the phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023. One more layer of production cuts of about 2 million barrels a day, covering most members, remains in place through the end of 2026.
Attention now shifts to 2027. OPEC+ needs to complete a review of members' production capacity during the fourth quarter before setting the 2027 baselines that will determine future quotas. All 21 members of the wider group are due to meet on November 29, when analysts expect the 2027 quota framework to be discussed.
Sources: Reuters, November 1, 2026, citing OPEC's post-meeting statement; OPEC's published December country targets, as republished in market coverage.
Source: GSM · USA (original Chinese edition)
Photo: 图：位于维也纳的石油输出国组织（欧佩克）总部大楼。摄影：Gary Todd，CC0，经 Wikimedia Commons。 / Headquarters of OPEC in Vienna. Photo: Gary Todd, CC0, via Wikimedia Commons.
- 2026-11-01OPEC+ Set to Keep December Output Targets Steady: Seven Core Members Agree in Principle
- 2026-11-01Follow-Up: OPEC+ Formally Keeps December Output Targets Steady: Seven Members Total About 31.01 Million Barrels a Day, With 2027 Quotas Due for Discussion on November 29This story
