Seven OPEC+ Producers Keep November Required Production at September Levels
Seven OPEC+ producers including Saudi Arabia and Russia agreed on Sunday to keep their November crude output at September levels, the second straight month without a change after a 188,000 barrel a day adjustment from their April 2023 additional voluntary adjustments took effect in September, OPEC said in a statement. Required production across the seven countries stands at 31.01 million barrels a day, on our calculation from the published table, with Saudi Arabia at 10.478 million and Kuwait at 2.676 million.
A second month at September levels
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, the seven countries that announced additional voluntary adjustments in April and November 2023, met virtually on 4 October to review market conditions and decided to maintain September’s required production for November. They took the same decision for October at their previous meeting on 6 September, after an August meeting set a 188,000 barrel a day adjustment from the April 2023 additional voluntary adjustments, implemented in September. The seven reiterated their commitment to full conformity with the Declaration of Cooperation and will meet next on 1 November.
November 2026 required production
| Country | Thousand barrels a day |
|---|---|
| Saudi Arabia | 10,478 |
| Russia | 9,949 |
| Iraq | 4,431 |
| Kuwait | 2,676 |
| Kazakhstan | 1,628 |
| Algeria | 1,007 |
| Oman | 841 |
| Total, seven countries | 31,010 |
OPEC statement of 4 October 2026, ranked by volume; the total is our calculation from the seven rows. November levels are unchanged from September and October.
The monitoring committee notes conformity
The Joint Ministerial Monitoring Committee, whose members are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria and Venezuela, met for its 68th meeting by videoconference, according to a statement dated 4 October. It reviewed crude production data for July and August and noted overall conformity among the countries participating in the Declaration of Cooperation. The committee stressed the importance of safeguarding international maritime routes and expressed concern about attacks on energy infrastructure, noting that restoring damaged assets to full capacity is costly and takes a long time. Its next meeting is set for 29 November.
Why it matters: with required production unchanged for a second month, the seven producers enter November at the levels set for September, and Kuwait’s required production stays at 2.676 million barrels a day. Kuwait’s crude was firmer going into the decision: Kuwait Export Crude rose 1.32 dollars to 105.91 dollars a barrel in Friday’s trading, from 104.59 dollars, according to Kuwait Petroleum Corporation.
Outlook: the seven producers will meet again on 1 November to review market conditions, and the monitoring committee’s 69th meeting is scheduled for 29 November.
Sources: OPEC, Kuwait Petroleum Corporation, The Edge.
