OPEC+ meets on 1 November after holding November output steady on 4 October
Seven OPEC+ countries meet again on 1 November. On 4 October they kept required production for November unchanged, and the IEA's October report puts 2026 demand 2.6 million barrels a day lower.
The seven OPEC+ countries that announced voluntary adjustments in 2023 (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman) meet again on 1 November 2026, according to the group's statement. On 4 October they decided to keep September's required production for November unchanged (October decision).
The backdrop
The IEA's October report forecasts 2026 global oil demand to fall by 2.6 million barrels a day, and says a partial recovery in 2027 will still leave demand below 2025 (IEA report). Brent traded above $100 for much of September (report).
What to watch
The meeting will set the group's decision for December. A decision to hold again would extend the pause; a change would be a clearer signal for prices. The group has said it will keep meeting monthly to review market conditions.
Why it matters for currencies
Oil prices move the Canadian dollar and the Norwegian krone most directly. For the link, see oil prices and the Canadian dollar. Live prices: Brent crude.
Sources
Common questions
When does OPEC+ meet next?
The seven participating countries meet on 1 November 2026, according to their 4 October statement.
What did OPEC+ decide on 4 October 2026?
They decided to maintain September 2026 required production for November 2026.
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Related reading
IEA sees 2026 oil demand down 2.6 million barrels a day, with only a partial 2027 recovery
OPEC+ holds November output unchanged as seven countries agree to meet again on 1 November
IEA expects world oil demand to fall 2.5 million barrels a day in 2026 as Gulf exports stay near half their pre-war level
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