Dubai – Business News Report|| Saudi Arabia and six other OPEC+ members have decided to maintain their current oil production policies without any changes for November 2026. This marks the second consecutive month of keeping production levels steady as global markets continue to face significant uncertainty. According to a press release obtained by Energy Platform, which is headquartered in Washington, the seven nations agreed to fix their required production levels at those recorded for September 2026 throughout the upcoming month. The participating countries include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. These states, along with the United Arab Emirates prior to its withdrawal from the group, successfully eliminated voluntary cuts of 2.2 million barrels per day in September 2025, followed by an additional reduction of 1.65 million barrels per day scheduled for September 2026.
The OPEC+ alliance currently maintains an extra production cut of approximately two million barrels per day, which was initially implemented in November 2022 and remains valid until the end of 2026. The coalition aims to complete a review of member countries’ production capacities before establishing baseline production levels for 2027. This critical assessment must be finalized by the end of November 2026, after which plans for phasing out these reductions will be formulated. During a virtual meeting held on Sunday, October 4, 2026, to review global market conditions and forecasts, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to market stability.
Compliance and Future Meetings
Following the UAE’s departure, the remaining seven nations reiterated their collective dedication to full compliance with the Cooperation Declaration. They also confirmed that they will continue holding monthly meetings to monitor market developments. The next scheduled meeting is set for November 1, 2026. Previously, the eight-member group managed to remove voluntary cuts announced in November 2023 within six months, significantly faster than the original eighteen-month plan that extended from April to September 2025. Similarly, they accelerated the removal of cuts announced in April 2023, completing this phase between October 2025 and September 2026 instead of continuing through the end of the year.
August Production Data Analysis
OPEC+ crude oil production rose by 297 thousand barrels per day in August 2026 compared to July, reaching 38.055 million barrels per day. The Organization of the Petroleum Exporting Countries reported that its own production increased by 346 thousand barrels per day to 24.081 million barrels per day in August, up from 23.735 million in July. Production growth was led by eight countries, notably Iraq, which saw its crude output rise by 664 thousand barrels per day to reach 3.378 million barrels per day. Kazakhstan also increased its oil production by 159 thousand barrels per day during August, recording 1.807 million barrels per day.
Declines in Specific Nations
Conversely, oil production declined in thirteen OPEC+ countries during August 2026. Iran recorded the largest decrease, dropping by 399 thousand barrels per day to 2.086 million barrels per day. Russian crude production fell by 160 thousand barrels per day, settling at 8.718 million barrels per day. Meanwhile, Brunei maintained its crude oil production steady at 90 thousand barrels per day throughout August 2026. The OPEC+ ministerial council had previously approved mechanisms to evaluate sustainable maximum productive capacity for use as a reference baseline for 2027 production levels, a task assigned to the secretariat following the thirty-ninth ministerial meeting.
This story was produced in the newsroom from the disclosed sources named above.
