Seven OPEC+ countries keep November quotas at September levels
On October 4, seven OPEC+ countries agreed to keep oil production quotas for November 2026 at September levels. Kazakhstan's quota remains at 1.628 million barrels per day. The countries reaffirmed their commitment to the Declaration of Cooperation.
Sources
· 4Семь стран ОПЕК+ сохранили добычу нефти на уровне сентября
1Семь стран ОПЕК+ сохранят ноябрьские квоты на добычу нефти на уровне сентября
2ОПЕК+ сохранила квоты на добычу нефти на ноябрь, Казахстан — 1,628 млн б/с
3ОПЕК+ сохранит квоты на добычу нефти на ноябрь, сообщают источники
4Key points
- Seven OPEC+ countries agreed at a virtual meeting on October 4 to keep oil production quotas for November 2026 at September levels.
- Kazakhstan's quota remains at 1.628 million barrels per day, Saudi Arabia's at 10.478 million, and Russia's at 9.949 million.
- The decision suspends the monthly production increase of 188,000 barrels per day that had been scheduled since May.
- In September, Kazakhstan increased oil production by 10,000 barrels per day compared with August.
- The group's next meeting will be held on November 1.
What happened
Seven OPEC+ countries held a virtual meeting on October 4 and agreed to keep oil production quotas for November 2026 at September levels. The seven countries include Russia, Saudi Arabia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. Kazakhstan's quota remains at 1.628 million barrels per day, Saudi Arabia's at 10.478 million, and Russia's at 9.949 million.
What changed
The decision suspends the monthly production increase of 188,000 barrels per day that had been scheduled since May. In September, Kazakhstan increased oil production by 10,000 barrels per day compared with August. Thus, November quotas remain at September levels, with no new increase.
Why it matters
The decision comes as Gulf countries are producing well below their quotas because of export disruptions caused by the U.S. and Israeli war against Iran. The war has also delayed the review of the group's production capacities needed to determine quotas for 2027.
What to watch
The group's next meeting will be held on November 1.
What's Next
The group's next meeting will be held on November 1.
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