The seven OPEC+ members (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman) have agreed to maintain their crude oil production targets at current levels for December 2026, following a virtual meeting held on 1 November 2026 (OPEC+ press release, 01/11/2026).
The production quotas remain unchanged at 10.5 mb/d for Saudi Arabia, 9.9 mb/d for Russia, 4.4 mb/d for Iraq, 2.7 mb/d for Kuwait, 1.6 mb/d for Kazakhstan, 1 mb/d for Algeria and 0.8 mb/d for Oman. This corresponds to the production levels set for September 2026, which were also maintained in October and November (KEI, 06/10/2026).
Although Gulf members have been increasing exports, which had been disrupted for several months by the conflict in the Middle East, most are still producing below their allocated targets.