Oil Minister: Seven OPEC+ countries agree to maintain production targets for December at September 2026 levels

Kuwait City, 1 Nov (KUNA) -- Kuwait’s Minister of Oil Tariq Al-Roumi announced that the seven countries participating in the voluntary production cuts within the OPEC+ alliance have decided to maintain their targeted production levels for December 2026 at the levels set for September 2026. In a statement issued by the Ministry of Oil, Al-Roumi said the decision means that Kuwait’s targeted production for December 2026 will remain at 2.676 million barrels per day. He added that the meeting is part of the regular monitoring of developments in the global oil market, assessing supply and demand trends and related economic indicators, which contributes to forecasting market conditions and needs in the coming period. He emphasized the importance of maintaining the security and sustainability of energy supplies and ensuring the safety and continuity of tanker movements through strategic waterways, which supports global market stability. He noted that the current phase requires a high degree of flexibility in dealing with potential market changes, stressing that producing countries have the capacity to adjust production levels in line with market developments and the requirements of balancing supply and demand. Al-Roumi reaffirmed Kuwait’s commitment to the declaration of cooperation and collective action within the OPEC+ alliance, explaining that continued coordination among participating countries enhances the effectiveness of joint decisions and supports the long-term stability of the global oil market. The Kuwaiti delegation participating in the meeting included Kuwait’s Governor to the Organization of the Petroleum Exporting Countries (OPEC), Mohammed Al-Shatti, and Kuwait’s National Representative to OPEC, Sheikh Abdullah Al-Sabah Al-Salem Al-Jaber Al-Sabah. Earlier today, the seven countries participating in the additional voluntary cuts within the OPEC+ alliance—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—confirmed through a video conference their shared commitment to stabilizing global oil markets and enhancing the balance between supply and demand. (End) K.M./A.M.H.