Seven OPEC+ members agreed on Sunday to hold oil production steady for November, extending into a second straight month a pause that followed six months of gradual output increases, as crude prices remain elevated on the back of ongoing Middle East supply risk.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman met virtually on October 4 and agreed to maintain September's required production level into November, keeping their combined output target at 31.01 million barrels a day, according to the group's statement and figures reported by Nairametrics. Saudi Arabia's share remains the largest at 10.478 million barrels a day, followed by Russia at 9.949 million and Iraq at 4.431 million; Kuwait, Kazakhstan, Algeria and Oman together account for the remainder.
The hold follows four consecutive monthly increases, including a 188,000-barrel-a-day rise approved for September that brought the group's cumulative restoration of previously idled capacity to 752,000 barrels a day since the increases began in the spring. The group first paused further increases for October and has now repeated that decision for November, saying it will keep reviewing market conditions at monthly meetings — the next of which falls on November 1, when it is expected to set December's output level.
Quotas Don't Tell the Whole Story
Actual crude supply from the group has been running below the headline quota increases for months, as several members lack the spare capacity to pump at their allotted levels while others continue offsetting earlier overproduction. Saudi Arabia holds the bulk of whatever spare capacity remains within the group, leaving it the most able among the seven to respond if the pause is lifted.
The decision to stand pat comes with crude already trading close to triple digits: benchmark prices were near $107 a barrel in late-September trading, extending gains for a second consecutive session at the time amid the wider regional conflict, including tension around the Strait of Hormuz. Keeping output flat removes one source of downward pressure on prices just as the group heads into a meeting that will set the tone for output policy heading into 2027.
