OPEC+ holds December oil output steady to support market stability

At a virtual meeting on November 1, 2026, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed to keep their December required production levels at the levels set for September 2026. The decision is intended to support stability in the global oil market and uphold the Declaration of Cooperation. The seven countries’ combined required output is 31.01 million barrels per day, including 10.478 million for Saudi Arabia and 9.949 million for Russia. They will continue monthly market reviews, with the next meeting set for November 29; an analyst said the decision could support crude prices and Nigeria’s revenue.