VIENNA, Oct 4 – The Organization of the Petroleum Exporting Countries and its allies (OPEC+) will maintain their crude oil production levels unchanged for November 2026, marking the second consecutive month of steady output levels.
In an official statement released on Sunday, October 4, 2026, following a virtual advisory meeting, OPEC confirmed that key participating nations opted to maintain existing production baselines after reviewing current global economic trends and market fundamentals.
“The seven participating countries decided to maintain September 2026 required production for November 2026,” the organization stated.
Production Policy Context and Next Review
The joint decision involves key OPEC+ producers, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
Key details surrounding the output strategy include:
- Output Strategy Shift: The seven participating nations previously increased crude oil production on a monthly basis from April through September 2026 before implementing a pause on additional output hikes in October.
- November Extension: The decision extends October’s production freeze through November 2026 to help balance global supply and demand dynamics.
- Upcoming Virtual Summit: Participating OPEC+ ministers are scheduled to convene virtually for their next monthly monitoring session on November 1, 2026, to reassess market conditions and determine subsequent supply policies.
–NMT
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