The Organization of the Petroleum Exporting Countries (OPEC) announced in a statement that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman discussed the global oil market conditions and its outlook in a virtual meeting on November 1, 2026 (Aban 10, 1405). These seven countries decided to keep their allowed oil production level for December at the same level set for September.
Commitment to OPEC+ Cooperation Agreement
OPEC's statement emphasized that these countries reaffirmed their collective commitment to fully adhere to the OPEC+ cooperation agreement. This agreement includes production cuts to manage supply and prices in the global market. As part of this agreement, the mentioned seven countries had accepted a voluntary oil production reduction in 2023 (1402).
Read more: Production of Seven OPEC+ Members Stabilized in December 2026
Market Conditions Review and Upcoming Meetings
These oil-producing countries will also continue to hold monthly meetings to review oil market conditions, with their next meeting scheduled for November 29, 2026 (Azar 8, 1405). In September 2026 (Shahrivar 1405), the process of restoring the voluntary daily production cut of 1.65 million barrels came to an end, but another reduction of about two million barrels per day remains in place for most coalition members until the end of 2026 (Dey 1405).
OPEC+ is also reviewing member production capacities to establish the basis for the 2027 (1406) quota allocations. These reviews are highly significant as they can impact global oil prices and the economic situation of these countries. Additionally, given the recent fluctuations in the oil market, decisions made in these meetings could help stabilize the market and affect economic forecasts.
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