OPEC+ seven keep November oil output quotas unchanged

Seven OPEC+ countries decided at an online meeting on 4 October 2026 to keep their existing oil production quotas unchanged for November, according to an OPEC press release cited by Interfax and reports by Kommersant and Vedomosti. The seven are Russia, Saudi Arabia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. Under the decision, Kommersant and Vedomosti reported, the November quotas are Russia 9.949m barrels a day, Saudi Arabia 10.478m, Iraq 4.431m, Kuwait 2.676m, Kazakhstan 1.628m, Algeria 1.007m and Oman 841,000 barrels a day — the same levels set for September and kept for October. Participants confirmed their intention to continue monthly consultations to assess the oil market, Kommersant reported. [ 2 , 4 , 5 , 6 ]

The seven countries had twice cut output beyond the alliance-wide quotas under agreements reached in 2023, by 2.2m barrels a day and 1.65m barrels a day. Interfax reported that the last tranche of those restricted volumes had been returned to the market by September. The group raised quotas by 188,000 barrels a day from June and by a further 188,000 barrels a day from September, Vedomosti reported, as stages in the phased reversal of voluntary cuts announced in April 2023. Kommersant reported that the latest decision follows a 6 September meeting at which the participants kept October quotas at the existing level. [ 1 , 2 , 6 ]

Holding quotas steady does not necessarily mean higher real supply, Kommersant reported. Igor Yushkov, an expert at the Financial University, said in Kommersant that increasing output made no sense while Middle East oil remained blocked in the Persian Gulf and the capacity of Russia's export infrastructure was limited; Kommersant's sources also linked the situation to the closure of the Strait of Hormuz. Interfax reported that most Gulf producers have been pumping below their permitted levels since March because of the Middle East conflict, while Russia is short of its quota because of unplanned repairs at refineries. In August, OPEC+ countries raised output by 628,000 barrels a day from July to 29.633m barrels a day, leaving them 6.39m barrels a day below plan, Interfax reported. [ 1 , 2 ]

Kommersant reported that the combined OPEC+ quota stands at 31m barrels a day, with Saudi Arabia holding the largest share at 10.5m barrels a day and Russia 9.9m. Before the meeting, Russian Deputy Prime Minister Alexander Novak said it would address standard issues — the situation on the market and compliance with the agreement — Interfax reported. [ 1 , 2 ]

The first reports of the decision came from unnamed delegates: Kommersant, citing Reuters, described a “principled agreement” to keep November targets unchanged, and Interfax, citing Bloomberg, described a preliminary agreement that still had to be approved at the Sunday online meeting. TASS then reported that the seven had kept their November quotas, and Interfax reported the OPEC press release confirming the decision. Interfax also reported that the OPEC+ monitoring committee, whose members include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria and Venezuela, was due to meet the same day. [ 1 , 2 , 3 , 4 ]