Seven OPEC+ countries left their December production targets unchanged at a meeting on 1 November. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman will retain the levels set for September 2026.
The decision followed an online review of market conditions. Participants reaffirmed their commitment to coordinated production policy and retained their monthly meeting format. Their next discussion is scheduled for 29 November.
An unchanged quota does not necessarily mean unchanged physical supplies. Production, exports and the volumes reaching buyers are different measures. Disruption associated with the Iran war continues to complicate oil flows, while some producers are pumping less than their permitted targets.
The next major policy question concerns the framework for 2027. The wider OPEC+ grouping is also due to meet later in November. Today’s statement does not predetermine future quotas or announce another increase for December. It extends the current production settings while the group continues to assess conditions.
For consumers, the decision is not a promise of unchanged petrol or diesel prices. A production target addresses one part of supply; the cost of delivered fuel also depends on physical flows, transport, refining and demand. The producers have chosen a pause while those risks remain, rather than guaranteeing a particular price outcome.
