OPEC+ nations agree to keep production quotas for December at November level

Baku, November 1, AZERTACThe seven OPEC+ nations, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have agreed keep oil production quotas in December at the previous month’s level, TASS reported citing OPEC.

"The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 1 November 2026, to review global market conditions and outlook," it said. "The seven participating countries decided to maintain September 2026 required production for December 2026. "As follows from the OPEC table, Russia’s quota in December 2026 will stand at 9. 949 mln barrels a day, Saudi Arabia’s at 10. 478 mln barrels a day, Iraq’s - at 4. 431 mln barrels a day, Kuwait’s - at 2. 676 mln barrels a day, Kazakhstan’s - at 1. 628 mln…