The Organization of the Petroleum Exporting Countries and its allies (OPEC+) has kept oil production levels unchanged for November 2026 at a combined 31.01 million barrels per day for seven participating countries.
The decision was announced following a virtual meeting held on Sunday, October 4, 2026, by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman to review global oil market conditions and outlook.
The seven countries will maintain their September 2026 required production levels in November, extending the pause already applied to October after four consecutive monthly production increases.
The seven OPEC+ countries, which previously announced additional voluntary production adjustments in April and November 2023, agreed to retain their current production requirements after reviewing developments in the global oil market. Their combined required production for November remains at 31.01 million barrels per day.
Saudi Arabia retains the highest required production level among the seven countries, while Russia and Iraq follow as the next-largest producers under the arrangement.
The countries also reiterated their commitment to achieving full conformity with the Declaration of Cooperation and will meet again on November 1, 2026, to review market conditions.
OPEC+ paused its recent production increases in October after raising output quotas for four consecutive months as part of a phased unwinding of supply cuts introduced in 2023. The November decision means the pause will now extend for a second consecutive month.
Actual supply returned to the market has remained below the headline quota increases because some members have limited production capacity, while others are required to compensate for earlier overproduction.
Saudi Arabia continues to account for a significant share of OPEC+ spare production capacity.
The decision to hold production steady gives the group additional time to assess the impact of the supply already restored to the market before considering further increases.
Nigeria is not among the seven countries covered by the additional voluntary production adjustments reviewed at the October 4 meeting. However, production decisions within OPEC+ remain important for the country because crude oil exports account for a significant share of government foreign-exchange earnings and fiscal revenues.
The improvement follows stronger production recorded in 2025, when NNPC said crude oil and condensate output averaged about 1.77 million bpd, its highest average daily production in five years.
