Seven countries, led by Saudi Arabia and Russia, agree to keep oil production targets unchanged for the fourth consecutive month amid ongoing disruptions to global supplies. The next meeting is scheduled for November 29.

Riyadh | BETH

November 1, 2026

Seven OPEC+ countries, led by Saudi Arabia and Russia, have agreed to maintain their December 2026 oil production targets at the levels established in September, reflecting a continued cautious approach to managing petroleum supplies.

The decision was reached during a virtual meeting on Sunday involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman to review oil market developments and future prospects.

The seven countries reaffirmed their commitment to the Declaration of Cooperation and agreed to continue holding monthly meetings to assess market conditions, scheduling their next meeting for November 29.

The decision comes as global energy markets face supply disruptions linked to the US-Iran war, with restrictions on exports through the Arabian Gulf and the Strait of Hormuz continuing to affect oil flows.

BETH Analysis | Production Stability

Maintaining production targets for a fourth consecutive month reflects a preference for preserving the existing production policy rather than introducing further adjustments amid continued uncertainty surrounding global supply and demand.

The significance of the decision lies in the distinction between stable production targets and actual oil supplies, which remain dependent on exporting countries' capacity and the uninterrupted movement of maritime shipments.

The November 29 meeting will be an important opportunity to reassess market conditions, particularly as the year draws to a close and preparations begin for production policies in 2027.

Prepared and analyzed by | Strategic Media Department – BETH News Agency