Seven leading OPEC+ countries adhering to voluntary oil production cuts – Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman and Algeria – are likely to keep their current planned output levels in November. This was reported by Qazaqyia.kz citing Kursiv Media.
According to Bloomberg, which cited sources, the existing roadmap is planned to be approved at the upcoming ministerial meeting scheduled for October 4, 2026.
Earlier, the alliance already decided to leave production volumes in October at September levels. The quota for the "seven" for October, excluding compensations, stands at 31.01 million barrels per day.
OPEC+ decisions directly affect price stability in the global oil market. Maintaining production volumes is aimed at balancing supply and demand. According to analysts, such a step helps avoid sharp fluctuations in oil prices.
However, market participants are closely watching the outcome of the ministerial meeting on October 4. During the meeting, participating countries are expected to officially approve the production plan for November. If the decision is as expected, the production volumes of the seven countries will remain unchanged.
Under the OPEC+ agreement, member countries have voluntarily committed to production cuts. This measure is aimed at reducing excess supply in the market and stabilizing prices. The seven leading countries include Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman and Algeria.
It is worth noting that earlier the alliance already decided to leave production volumes in October at September levels. This decision was made taking into account the current market situation. Now the plan for November may remain the same.
Thus, OPEC+ countries are adhering to a strategy of keeping production volumes unchanged in the short term. This strategy is aimed at ensuring stability in the global oil market. The upcoming ministerial meeting may confirm this course.