OPEC+ Holds November Output at 31.01 Million bpd, Pause Extends to Second Month
By Aboki Forex —
OPEC and its allies have left November 2026 crude oil production unchanged at a combined 31.01 million barrels per day for seven member countries. The decision was taken at a virtual meeting on Sunday, October 4, 2026.
The seven countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, will keep their September 2026 required production levels in November. That extends the pause already applied to October, after four straight months of quota increases.
Who produces what
Saudi Arabia retains the highest required production level among the seven at 10.478 million bpd. Russia follows at 9.949 million bpd, then Iraq at 4.431 million bpd.
Kuwait is required to produce 2.676 million bpd, Kazakhstan 1.628 million bpd, Algeria 1.007 million bpd and Oman 841,000 bpd.
“The seven participating countries decided to maintain September 2026 required production for November 2026 as detailed in the table below,” OPEC+ said in its statement.
The group said the decision followed a review of developments in the global oil market and the outlook. The seven countries had previously announced additional voluntary production adjustments in April and November 2023.
They also reiterated their commitment to full conformity with the Declaration of Cooperation. The next meeting is set for November 1, 2026.
Four increases before the pause
OPEC+ stopped raising output in October after lifting quotas for four consecutive months. The November decision means that pause now runs for a second month.
In early August, the group approved a 188,000 bpd increase for September, after identical increases for June, July and August. The four successive increases brought the planned restoration of production to 752,000 bpd.
Those increases reversed part of the supply restrictions introduced to support the crude market. Actual supply reaching the market has stayed below the headline quota increases because some members have limited production capacity, while others must compensate for earlier overproduction.
Saudi Arabia continues to hold a significant share of OPEC+ spare production capacity. Holding output steady gives the group more time to assess the impact of supply already restored before considering further increases.
What it means for Nigeria
Nigeria is not among the seven countries covered by the voluntary adjustments reviewed on October 4. But OPEC+ supply decisions still matter because crude exports account for a large share of government foreign-exchange earnings and fiscal revenues.
Nigeria has kept crude production above its OPEC quota in recent months. Average output first climbed to 1.53 million bpd in May 2026, the first time that year it moved above the quota. Production stayed above 1.5 million bpd for a third consecutive month in July, despite easing from the previous month.
By August, Nigeria produced an average of 1.678 million barrels of crude and condensates per day, according to the Nigerian Upstream Petroleum Regulatory Commission, a 0.4% rise from July. That follows 2025, when NNPC said crude and condensate output averaged about 1.77 million bpd, its highest daily average in five years.