OPEC+ will keep oil production unchanged in November, the group's second consecutive monthly pause, following a virtual meeting of seven participating countries on Sunday.

The seven countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — met to review global market conditions and the economic outlook, OPEC said in a statement.

"The seven participating countries decided to maintain September 2026 required production for November 2026," the statement noted.

What changed, and when?

The decision extends a pause that began in October. In September, the same countries voted to hold October 2026 production at the levels previously set for September 2026.

Before that, the group had been adding supply. In August, the seven agreed to raise output by 188,000 barrels per day for September.

The monthly increases ran from April through September this year. October marked the first pause; November now marks the second.

OPEC said the seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, the framework that governs the alliance's production management.

Why are Gulf barrels below target?

Gulf OPEC+ producers have been pumping well below their output targets, according to the Saudi Gazette report, in the face of continuing export disruptions from the US-Iran war.

Exports have fluctuated at 60 to 80 percent of normal levels in recent months, the report said.

That shortfall matters for balances. Required production levels for November remain those set for September 2026, but actual loadings from the Gulf have run materially under quota — meaning the group's effective supply to market is lower than the headline figures suggest.

What happens next?

OPEC said the seven countries will hold their next meeting on Nov. 1 to review market conditions and make further decisions.

The watch items are clear. Traders will be looking at whether the group resumes the monthly increment pattern that ran April–September, extends the pause into December, or adjusts policy in response to the export disruptions that have kept Gulf loadings at 60–80 percent of normal.

Until then, November's required production stays where September's was set — and actual flows out of the Gulf remain the number to watch.