Seven core OPEC+ producers agreed at an online meeting on Sunday, 1 November 2026, to keep December production targets unchanged, OPEC said in a statement reported by Reuters. It is the third straight monthly hold, following identical decisions for October and November.

Who agreed, and what was held steady

The seven members are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. Their combined December targets come to about 31 million barrels a day. Saudi Arabia holds the largest allocation, at 10.478 million barrels a day, followed by Russia at 9.949 million and Iraq at 4.431 million. The group completed the unwinding of a 1.65 million-barrel-a-day cut in September, while a further layer of cuts totalling about 2 million barrels a day remains in place through the end of 2026.

Why targets do not tell the whole supply story

Reuters reported that most Gulf members are still pumping well below their targets, even as exports disrupted by the US-Iran war recover. Saudi Arabia told OPEC it pumped 8.372 million barrels a day in September, well below its allocation, so an unchanged target does not by itself add barrels to the market. Brent's January contract last settled at $113.43 a barrel on Friday, 30 October, up $2.63 on the day, according to FinanceFeeds.

What comes next: the 2027 framework

The next test comes on 29 November, when all 21 OPEC+ members are expected to address the 2027 production framework. Before that, the group must complete a review of each member's sustainable production capacity, which will set the baselines for 2027 quotas. Reuters reported that review is now expected by mid-November, after the Iran war disrupted Middle East expansion projects.