The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC Plus, has decided to keep oil production unchanged for November 2026 at 31.01 million barrels per day.
The decision affects seven participating countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The group announced the decision after a virtual meeting on October 4 to review developments in the global oil market and its outlook. The countries will maintain their September 2026 required production levels throughout November. This extends the pause in production increases that began in October after four consecutive months of higher output.
“The seven participating countries decided to maintain September 2026 required production for November 2026 as detailed in the table below,” OPEC Plus said in a statement.
Under the agreement, Saudi Arabia has the highest required production level at 10.478 million barrels per day, followed by Russia with 9.949 million barrels per day and Iraq with 4.431 million barrels per day. Kuwait is required to produce 2.676 million barrels per day, while Kazakhstan has a production requirement of 1.628 million barrels per day. Algeria and Oman have requirements of 1.007 million and 841,000 barrels per day respectively.The decision comes after the group approved four consecutive production increases covering June, July, August and September.
Each increase amounted to 188,000 barrels per day, bringing the planned restoration of production to 752,000 barrels per day.The increases were part of OPEC Plus efforts to gradually reverse some of the supply restrictions introduced in 2023. However, the actual volume of crude returning to the market has remained below the headline increases because some members have faced production capacity limitations, while others have had to compensate for previous overproduction.
By keeping output unchanged in November, the group will have more time to assess the impact of the additional crude already returned to the market before deciding whether to increase production again.The seven countries also reaffirmed their commitment to complying fully with the Declaration of Cooperation. They are scheduled to meet again on November 1, 2026, to assess market conditions. Although Nigeria was not among the seven countries covered by the production adjustments reviewed at the meeting, OPEC Plus decisions remain important to the country.
Crude oil exports remain an important source of Nigeria’s foreign exchange earnings and government revenue. As a result, changes in global oil supply can influence crude prices, export earnings and government finances. Nigeria has also recorded stronger oil production in recent months. According to the Nigerian Upstream Petroleum Regulatory Commission, the country produced an average of 1.678 million barrels of crude oil and condensates per day in August 2026, representing a 0.4 percent increase from July. The improvement followed several months of production above 1.5 million barrels per day and reflects ongoing efforts to increase output and improve oil revenues.
OPEC Plus will continue to monitor market developments before determining whether further production increases are appropriate.
