OPEC+ Keeps November Oil Output Unchanged at 31.01m Barrels Per Day
The Organisation of the Petroleum Exporting Countries and its allies, OPEC+, has decided to maintain its current oil production requirements for November, keeping the combined target for seven participating countries at 31.01 million barrels per day.
The decision was reached during a virtual meeting on Sunday, October 4, as Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman reviewed developments in the global oil market.
The group agreed to retain the production levels established for September, effectively extending the pause on further output increases into a second consecutive month.
Production increases put on hold
The latest decision follows four consecutive monthly increases approved between June and September. Each of those increases amounted to 188,000 barrels per day, resulting in a planned restoration of 752,000 barrels per day to the market.
However, actual production has not always matched the higher targets, with some members facing production limitations while others continue efforts to compensate for previous overproduction.
Under the November arrangement, Saudi Arabia will have the highest required production level among the seven countries at 10.478 million barrels per day. Russia follows with 9.949 million barrels per day, while Iraq’s requirement stands at 4.431 million barrels per day.
Kuwait is assigned 2.676 million barrels per day, Kazakhstan 1.628 million, Algeria 1.007 million and Oman 841,000 barrels per day.
OPEC+ said the decision would allow members additional time to evaluate market conditions and the impact of supply already restored before considering another increase. The group is scheduled to meet again on November 1.
Nigeria remains closely affected
Although Nigeria is not part of the seven countries covered by the specific production adjustments reviewed at the meeting, OPEC+ decisions remain significant for the country.
Crude oil exports remain an important source of government revenue and foreign exchange, making international oil prices and OPEC+ supply policies particularly relevant to Nigeria’s economy.
Nigeria’s oil production has also shown improvement in recent months. Data cited in the source report indicates that average crude oil and condensate output reached 1.678 million barrels per day in August, representing a 0.4% increase from July.
The decision by OPEC+ to maintain November output levels means attention will now shift to the group’s next meeting and whether production increases will resume in December.
For the global oil market, the move signals a cautious approach as producers continue to assess supply, demand, prices and wider geopolitical developments. Recent reporting also indicates that oil-market conditions remain tight, with benchmark Brent crude trading above $100 per barrel amid ongoing disruptions.
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