The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) has decided to keep oil production levels unchanged for November 2026. The combined required output of 31.01 million barrels per day will be maintained for seven participating countries. This decision was made during a virtual meeting on Sunday, October 4, 2026, involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The group reviewed developments and the outlook for the global oil market.
The seven countries will maintain their September 2026 required production levels in November, extending the pause already applied in October. This pause follows four consecutive monthly production increases that restored 752,000 bpd to the market. The countries had previously announced additional voluntary production adjustments in April and November 2023. At the latest meeting, they agreed to retain their existing production requirements after assessing market conditions.
The required production levels for each country are as follows: Saudi Arabia at 10.478 million bpd, Russia at 9.949 million bpd, and Iraq at 4.431 million bpd. Kuwait's required production stands at 2.676 million bpd, while Kazakhstan is set at 1.628 million bpd. Algeria and Oman have required production levels of 1.007 million bpd and 841,000 bpd, respectively. The countries reiterated their commitment to achieving full conformity with the Declaration of Cooperation.
The decision effectively gives the group more time to assess the impact of supply already restored to the market before deciding whether to resume further increases. OPEC+ is scheduled to meet again on November 1, 2026, to review market conditions. The pause in October and November marks a shift from the recent supply-restoration cycle, with the group opting to assess market conditions before making another adjustment.
Nigeria, which has recently lifted crude output above its OPEC quota, continues to watch OPEC+ supply decisions amid efforts to boost oil revenues. Average crude oil production in Nigeria climbed to 1.53 million bpd in May 2026, marking the first time during the year that output moved above the country's OPEC quota. Production remained above 1.5 million bpd for a third consecutive month in July.
By August, Nigeria's average crude oil and condensate production had risen to 1.678 million bpd, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This represents a 0.4 percent increase from July. The improvement builds on stronger production recorded in 2025, when the Nigerian National Petroleum Company Limited said crude oil and condensate output averaged about 1.77 million bpd.
For Nigeria, continued improvement in production could strengthen oil revenues and foreign-exchange inflows. However, the broader OPEC+ supply outlook remains an important factor for crude prices and the value of those exports. With OPEC+ choosing to keep November output requirements unchanged, the market will now watch whether the group resumes its production increases in December or maintains its more cautious approach.
Key points
- OPEC+ maintains combined required output of 31.01 million barrels per day for seven participating countries.
- Nigeria's crude oil production has risen to 1.678 million bpd in August 2026.
- OPEC+ will meet again on November 1, 2026, to review market conditions.
