Baku:OPEC+ countries have agreed to keep their oil production quotas for December 2026 at the same levels as November, following a virtual meeting on November 1, 2026. The nations involved in this agreement include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
According to Azerbaijan State News Agency, the decision to maintain the production quotas was made as the seven OPEC+ countries reviewed global market conditions and outlook. These countries had previously announced additional voluntary adjustments in oil production in April and November 2023.
The quotas for December 2026 are detailed as follows Russia is set to produce 9.949 million barrels per day, Saudi Arabia 10.478 million barrels per day, Iraq 4.431 million barrels per day, Kuwait 2.676 million barrels per day, Kazakhstan 1.628 million barrels per day, Algeria 1.007 million barrels per day, and Oman 841,000 barrels per day.
The participating countries have reiterated their commitment to the Declaration of Cooperation and plan to continue holding monthly meetings to assess market conditions. The next meeting is scheduled for November 29, 2026.