OPEC+ core seven hold December oil output targets steady

As of 7:26 a.m. ET, Monday, Nov. 2, 2026

Seven core members of the OPEC+ oil alliance agreed on Sunday to keep their production targets for December unchanged, holding required output at September 2026 levels as the Iran war continues to disrupt exports from the Gulf.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman met virtually on Nov. 1 "to review global market conditions and outlook," OPEC said in a statement. The seven "decided to maintain September 2026 required production for December 2026," the statement said, and "reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation."

Country targets for December

A table published with the OPEC statement lists December 2026 required production, in thousands of barrels a day, as: Saudi Arabia 10,478; Russia 9,949; Iraq 4,431; Kuwait 2,676; Kazakhstan 1,628; Algeria 1,007; and Oman 841.

Most of the seven are pumping well below those targets because of export disruptions from the war, Reuters reported. The National, an Abu Dhabi-based newspaper, said the Strait of Hormuz has been effectively shut since fighting between the United States and Iran began on Feb. 28.

A harder decision on Nov. 29

The seven countries will keep holding monthly meetings, and the next one is set for Nov. 29, according to the statement. All members of the wider group are due to meet that day, when analysts expect a decision on 2027 quotas, Reuters reported.

"Today's decision was the easy one," Jorge Leon, an analyst at Rystad, told Reuters. "The much more important test comes at the November 29 ministerial meeting, when OPEC+ will decide its 2027 production framework."

"OPEC+ faces an extremely difficult call for 2027," Leon added. "The group has to plan around huge uncertainty over the US-Iran war, the pace of recovery through the Strait of Hormuz, and the size of the surplus that could emerge once disrupted barrels return."

The seven members completed the phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023 in September, and had already kept targets steady for October and November, Reuters reported. A further layer of cuts of about 2 million barrels per day covering most members runs through the end of 2026, according to Reuters.

Before setting 2027 baselines, the group needs to finish a review of members' production capacity, which is now expected by mid-November, Reuters reported, citing sources. The war has disrupted capacity-expansion projects across the Middle East, Reuters said.

Prices

Brent crude rose 2.4% on Friday to settle at $117.64 a barrel, a six-month high and its fourth straight monthly gain, The National reported, as traders braced for a possible escalation in the Iran war after the U.S. midterm elections. The International Energy Agency and other forecasters have warned of excess supply in 2027 if Gulf flows return to normal, according to Reuters.