OPEC+ holds November oil output steady as Nigeria watches impact on revenues
OPEC+ kept November 2026 oil output unchanged at 31.01 million barrels per day, maintaining the September levels after a virtual meeting on October 4, 2026, involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The seven countries retained their individual required productions: Saudi Arabia at 10.478 million bpd, Russia at 9.949 million bpd, Iraq at 4.431 million bpd, Kuwait at 2.676 million bpd, Kazakhstan at 1.628 million bpd, Algeria at 1.007 million bpd and Oman at 841,000 bpd.
For Nigeria, the decision matters because crude oil sales remain a major source of foreign‑exchange earnings and government revenue. Although Nigeria is not part of the voluntary adjustment group, its output has stayed above its OPEC quota—averaging 1.678 million bpd in August 2026—and steady OPEC+ supply helps gauge the direction of global crude prices that directly affect those revenues.
The pause gives the group more time to see how the already‑restored supply impacts the market before considering further increases. Nigerians should watch oil price movements and consider how sustained output above quota could influence the nation’s forex inflows and budget planning. Will steady OPEC+ output keep crude prices supportive of Nigeria's revenue targets, or should authorities prepare for possible price shifts?