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OPEC+ will keep November production requirements unchanged at 31.01 million barrels per day for seven participating countries.
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The decision extends the pause after four consecutive monthly increases that restored 752,000 bpd to the market.
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Nigeria, which has recently lifted crude output above its OPEC quota, continues to watch OPEC+ supply decisions amid efforts to boost oil revenues.
October 5, (THEWILL) – The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) has kept oil production levels unchanged for November 2026, maintaining combined required output of 31.01 million barrels per day for seven participating countries.
The decision followed a virtual meeting on Sunday, October 4, 2026, involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, as the group reviewed developments and the outlook for the global oil market.
The seven countries will maintain their September 2026 required production levels in November, extending the pause already applied in October after four consecutive monthly production increases.
OPEC+ keeps output steady after four increases
The seven countries had previously announced additional voluntary production adjustments in April and November 2023. At the latest meeting, they agreed to retain their existing production requirements after assessing market conditions.
OPEC+ said the participating countries had decided to maintain their September 2026 required production levels for November.
Saudi Arabia retains the highest required production level among the seven countries at 10.478 million bpd, followed by Russia at 9.949 million bpd and Iraq at 4.431 million bpd.
Kuwait’s required production stands at 2.676 million bpd, while Kazakhstan is set at 1.628 million bpd. Algeria and Oman have required production levels of 1.007 million bpd and 841,000 bpd, respectively.
The countries also reiterated their commitment to achieving full conformity with the Declaration of Cooperation and are scheduled to meet again on November 1, 2026, to review market conditions.
The decision effectively gives the group more time to assess the impact of supply already restored to the market before deciding whether to resume further increases.
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Four monthly increases preceded the pause
The latest decision follows four consecutive monthly increases as OPEC+ began a phased unwinding of supply restrictions introduced in 2023.
The group approved identical production increases of 188,000 bpd for June, July, August and September, bringing the planned restoration of output to 752,000 bpd.
However, the actual volume of crude returning to the market has remained below the headline quota increases in some cases, as certain members face production constraints while others continue to compensate for earlier overproduction.
The pause in October and now November therefore marks a shift from the recent supply-restoration cycle, with the group opting to assess market conditions before making another adjustment.
Saudi Arabia continues to hold a significant share of OPEC+’s spare production capacity, giving the group additional flexibility in managing supply depending on market conditions.
Nigeria watches supply decisions as output improves
Although Nigeria is not among the seven countries covered by the additional voluntary production adjustments reviewed at the October 4 meeting, OPEC+ production decisions remain important to the country because crude oil exports are a major source of government revenue and foreign exchange.
Nigeria has increased crude production in recent months as the Federal Government and industry regulators push to restore output and maximise revenues from the oil sector.
Average crude oil production first climbed to 1.53 million bpd in May 2026, marking the first time during the year that output moved above the country’s OPEC quota.
Production remained above 1.5 million bpd for a third consecutive month in July, although it eased from the previous month.
By August, Nigeria’s average crude oil and condensate production had risen to 1.678 million bpd, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), representing a 0.4 percent increase from July.
The improvement builds on stronger production recorded in 2025, when the Nigerian National Petroleum Company Limited said crude oil and condensate output averaged about 1.77 million bpd, the country’s highest average daily production in five years.
For Nigeria, continued improvement in production could strengthen oil revenues and foreign-exchange inflows, but the broader OPEC+ supply outlook remains an important factor for crude prices and the value of those exports.
With OPEC+ choosing to keep November output requirements unchanged, the market will now watch whether the group resumes its production increases in December or maintains its more cautious approach as it assesses global demand, prices, and available supply.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
