OPEC+ keeps December oil output steady, a possible lift for Nigeria's revenue
- Seven OPEC+ countries agreed at a virtual meeting to hold December production at September 2026 levels.
- The group's combined required output for December is 31.01 million barrels per day, with Saudi Arabia and Russia highest.
- An analyst said the decision could support crude prices and help Nigeria's revenue and foreign exchange earnings.
Seven members of OPEC+ have agreed to keep their oil production at September 2026 levels for December, in a move aimed at steadying the global crude market.
The decision was taken at a virtual meeting on Sunday, November 1, 2026, according to a statement from the group. The countries involved are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
The group said the seven producers, which announced extra voluntary production adjustments in April and November 2023, would retain their existing requirements for December.
Their combined required production for the month stands at 31.01 million barrels per day (bpd), according to the production schedule released with the statement. Saudi Arabia carries the largest share at 10.478 million bpd, followed by Russia at 9.949 million bpd and Iraq at 4.431 million bpd.
Kuwait is set at 2.676 million bpd, Kazakhstan at 1.628 million bpd, Algeria at 1.007 million bpd and Oman at 841,000 bpd.
Why it matters for Nigeria
Nigeria is not one of the seven countries named in the statement, but decisions by the wider OPEC+ group shape the price of crude on the world market, and crude sales are the backbone of Nigeria's revenue and foreign exchange earnings.
An energy analyst, who spoke on condition of anonymity, said holding output steady could support international crude prices. That, the analyst said, would have positive implications for Nigeria's revenue and foreign exchange earnings.
For ordinary Nigerians, stronger oil earnings can ease pressure on the naira and on the money available to federal and state governments. Weaker prices tend to tighten both.
The group also said it remained committed to full compliance with the Declaration of Cooperation, the framework that guides collaboration between OPEC members and non-OPEC producers taking part.
It said the countries would keep watching the global market through regular consultations.
What happens next
The seven countries will meet again on November 29, 2026. Their monthly meetings mean the December level could still change if the group decides prices or demand need a different response.