Russia and Saudi Arabia to discuss oil production plans for December
Seven OPEC+ countries, including Russia and Saudi Arabia, will hold a regular online meeting on the situation in the global oil market and plans for raw materials production in December
Seven OPEC+ countries, including Russia and Saudi Arabia, will hold a regular online meeting on the situation in the global oil market and plans for raw materials production in December. Despite the completion of the voluntary restrictions program, the members of the association continue monthly consultations.
Since April 2025, eight OPEC+ countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman and the UAE – have begun to gradually return previously reduced oil volumes to the market. In September of the same year, they fully completed the exit from voluntary restrictions of 2.2 million barrels per day, ahead of the original schedule for a year.
In October 2025, another voluntary reduction of 1.65 million barrels per day began to be phased out.
From May 1, 2026, after the withdrawal of the United Arab Emirates from OPEC and OPEC+, the format continued to work in the composition of seven states. In September, participants completed the lifting of production restrictions of 1.65 million barrels per day.
Thus, over the past year and a half, the previously withdrawn 3.85 million barrels of oil per day returned to the world market.
Until the end of 2026, previously approved quotas are retained for the parties to the agreement without additional restrictions. The total permitted volume of production of all countries of the association is 36.206 million barrels per day.
According to Reuters, citing sources, the “seven” previously decided to suspend a further increase in quotas from September to the end of 2026. The main attention of the participants will be paid to the harmonization of production parameters for 2027.
Reuters sources also reported that at the upcoming meeting, the countries do not plan to change the December figures and intend to keep the current restrictions.
In November, the quota of seven states is 31.01 million barrels per day. For Saudi Arabia, the figure is 10.478 million barrels, for Russia - 9.949 million barrels per day.
