OPEC+ has left its combined production requirement for the seven countries participating in additional voluntary adjustments at 31.01 million barrels per day for November 2026. The decision followed a virtual meeting held on Sunday, October 4, 2026, involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
The seven members will retain the production levels required in September 2026, extending into November the pause that began in October after four straight monthly increases. Saudi Arabia holds the largest requirement at 10.478 million bpd, followed by Russia at 9.949 million bpd and Iraq at 4.431 million bpd. Kuwait is set at 2.676 million bpd, Kazakhstan at 1.628 million bpd, Algeria at 1.007 million bpd and Oman at 841,000 bpd.
The group had lifted quotas for four consecutive months as part of a phased unwinding of supply cuts introduced in 2023. In early August, members approved a 188,000 bpd increase for September, matching identical increases approved for June, July and August, bringing the planned restoration to 752,000 bpd. Actual volumes returned to the market have lagged headline quota increases, partly because some members face capacity constraints while others must compensate for earlier overproduction. Saudi Arabia continues to hold a significant share of OPEC+ spare capacity.
Nigeria is not among the seven countries covered by the voluntary adjustments, but OPEC+ supply decisions still matter for its public finances because crude exports provide a substantial share of government foreign-exchange earnings and fiscal revenue. Nigerian output has remained above its OPEC quota in recent months. Average crude production rose to 1.53 million bpd in May 2026, the first time this year that output exceeded the country's quota, and stayed above 1.5 million bpd for a third consecutive month in July. By August, the Nigerian Upstream Petroleum Regulatory Commission put average crude and condensate output at 1.678 million bpd, a 0.4 percent rise from July.
The gains follow stronger 2025 performance, when NNPC reported that crude oil and condensate output averaged about 1.77 million bpd, the highest daily average in five years. The group said it would review market conditions again on November 1, 2026, and reaffirmed its commitment to full conformity with the Declaration of Cooperation.
