Seven OPEC+ producers have confirmed they will keep their December 2026 production targets unchanged from September levels, a third consecutive hold, after a virtual meeting on Sunday 1 November.

The seven — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — set a combined December target of about 31.01 million barrels per day. The country targets are: Saudi Arabia 10.478 million, Russia 9.949 million, Iraq 4.431 million, Kuwait 2.676 million, Kazakhstan 1.628 million, Algeria 1.007 million and Oman 0.841 million barrels per day.

Most members are pumping below target

Most of the seven are producing below their targets because of war-related disruption in the Gulf and around the Strait of Hormuz. Saudi Arabia told OPEC it pumped 8.372 million barrels per day in September, well below its 10.478 million target.

Across the wider OPEC+ group, output was 39.07 million barrels per day in September, up about 903,000 from August. Brent crude averaged $102.02 in September, up $13.94 from August, while Middle East–Asia very large crude carrier freight rates jumped 88% in September, according to OPEC's October Monthly Oil Market Report.

What comes next

A separate layer of cuts of about 2 million barrels per day remains in place through the end of 2026, after a 1.65 million barrel per day cut was fully rolled back in September. The group meets again on 29 November, when 2027 quotas are expected to be decided, following a members' capacity review due by mid-November.

Sources: AnewZ, TradingView/Seeking Alpha, AsiaToday, Informist, and OPEC's October Monthly Oil Market Report. This follows DailyByte's 1 November report of the in-principle hold; it adds the confirmed decision, the country quota table and the actual-versus-target gap.