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OPEC+ production policy

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Reported information

Iraq reaffirms OPEC+ ceiling while seeking a 2027 revision

Iraq’s Oil Ministry reaffirmed on 7 November 2026 its commitment to an OPEC+ ceiling of 4.431 million barrels a day while seeking an increase for 2027, KUNA reports.

OPEC headquarters in Vienna.
Archive, 24 January 2010; does not show the 2026 discussions. Priwo, public domain; existing 2021 perspective correction. — Priwo / Wikimedia Commons — domaine public ; photographie du 24 janvier 2010, version redressée de 2021.

The ministry said a consultancy was assessing members’ maximum sustainable production capacity. It hopes that exercise will support a revised limit, but said any increase depends on agreement among producers and market conditions.

In a separate report, Reuters quoted the minister telling Iraqi state agency INA that production exceeded five million barrels a day. The sources do not clarify the period or scope needed to reconcile that figure with the stated ceiling.

These statements therefore establish neither independently verified quota compliance nor an already approved increase.

Sources 3
Reported information

Seven OPEC+ countries retain December oil production targets

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman decided on 1 November 2026 to retain September's required production levels for December. The official statement and Bloomberg report the decision, taken by videoconference.

OPEC headquarters in Vienna, January 2010. Archive photograph; the 1 November 2026 meeting was held by videoconference.
OPEC headquarters in Vienna, January 2010. Archive photograph; the 1 November 2026 meeting was held by videoconference. — Priwo / Wikimedia Commons — domaine public ; photographie du 24 janvier 2010, version redressée de 2021.

The seven countries say they will continue monthly market reviews, with their next meeting scheduled for 29 November. They also reaffirm their commitment to complying with their cooperation decisions.

The hold concerns targets: it measures neither actual production nor deliveries to buyers. Bloomberg reports that the Middle East conflict continues to constrain part of the group's output. The announcement alone therefore does not establish a restoration of supplies.

Sources 3