OPEC+: Algeria and six other nations keep oil production steady for December

Algeria, along with Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, and Oman, has decided to maintain its oil production targets for December 2026. The move, finalized during an online meeting on November 1st, aims to provide market stability amid ongoing disruptions caused by the US-Iran conflict, which threatens shipping through the strategic Strait of Hormuz. While Gulf nations have seen a recovery in exports, actual production levels generally remain below official targets. The broader OPEC+ alliance, comprising 21 nations, is scheduled to meet on November 29th to determine production policies for 2027, following a comprehensive assessment of members' output capacities.