Seven key OPEC+ oil-producing countries have agreed to maintain their current production levels for December 2026, reaffirming their commitment to market stability amid ongoing global economic uncertainties. The decision was announced following a virtual meeting held on Sunday, where representatives from Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman reviewed the latest market conditions and outlook.
The participating countries decided to keep their December output targets unchanged from September 2026 levels. Saudi Arabia’s production allocation remains at 10.478 million barrels per day (bpd), followed by Russia at 9.949 million bpd, and Iraq at 4.431 million bpd. Kuwait’s allocation is sustained 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 has previously implemented voluntary production adjustments in April and November 2023 to respond to shifting market dynamics. During Sunday’s meeting, the members reiterated their commitment to full compliance with the Declaration of Cooperation, which facilitates coordinated efforts between OPEC and non-OPEC oil producers within the alliance.
Kuwaiti Oil Minister Tareq Al-Roumi emphasized the importance of maintaining energy supply security and highlighted concerns over the safe and uninterrupted transit of oil tankers through critical maritime routes. He noted that the meeting took into account evolving supply and demand trends, as well as key economic indicators, to ensure that production levels align with market needs and support global energy stability.
Industry observers suggest that the decision to hold output steady signals a cautious approach amid ongoing geopolitical and economic uncertainties, with expectations that significant policy changes are unlikely before next year. The sustained production targets aim to balance the need for market stability while avoiding excessive fluctuations in oil prices.
By maintaining current output quotas, OPEC+ seeks to provide a stable framework for the global oil market as it navigates evolving demand trends and external risks. The group's coordinated approach continues to play a critical role in managing oil supply and supporting price stability worldwide.