Seven OPEC+ countries decided on Sunday, Oct. 4, 2026, to keep required oil production levels for November 2026 at September levels, maintaining the output freeze for a second consecutive month after a six-month run of monthly increases.
Seven countries take part in the decision
The decision was taken during a virtual meeting attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman to review conditions in and the outlook for global markets. The seven countries had announced additional voluntary production adjustments in April and November 2023.
Commitment to compliance and monthly market reviews
The seven countries renewed their collective commitment to full compliance with the Declaration of Cooperation, affirmed that monthly meetings to review market conditions would continue, and set Nov. 1, 2026, as the date for their next meeting.
Increases halted after six months
The November decision extends the pause that began in October, after the seven countries in September completed the gradual unwinding of voluntary cuts totaling 1.65 million barrels per day agreed in 2023. Other cuts of around two million barrels per day remain in place through the end of 2026.
