Seven OPEC+ Producers Keep December Output Unchanged While Crude Opens Lower

Oil Market Daily News Commentary

HOUSTON, Nov. 9, 2026 /PRNewswire/ -- Crude oil futures were lower on Monday morning. As of 9:47 a.m. ET, the December NYMEX West Texas Intermediate contract was at $87.43 a barrel, down $3.40 or 3.74% from Friday's settlement of $90.83, while the January ICE Brent contract was at $93.96, down $4.36 or 4.43% from its $98.32 settlement. Third-quarter results from large producers, refiners and liquefied natural gas exporters were released over the past two weeks. Active Companies from around the markets with current developments this week include: ExxonMobil Holdings Corporation (NYSE: XOM), Chevron Corporation (NYSE: CVX), ConocoPhillips (NYSE: COP), Marathon Petroleum Corporation (NYSE: MPC), and Cheniere Energy, Inc. (NYSE: LNG).

On the supply side, the seven OPEC+ countries that previously announced additional voluntary adjustments in April and November 2023 (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman) met virtually on November 1 and decided to maintain September 2026 required production for December 2026, according to the OPEC Secretariat's statement. The group said it will continue to hold monthly meetings, with the next one scheduled for November 29, 2026.

In the U.S., the Energy Information Administration's latest Weekly Petroleum Status Report put commercial crude oil stocks, excluding the Strategic Petroleum Reserve, at 409.8 million barrels for the week ending October 30. That was down 865,000 barrels from the prior week and about 11.4 million barrels below the same week a year earlier. The EIA said its next weekly report will be released on Thursday, November 12, due to the closure of the federal government on Wednesday, November 11.

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ExxonMobil Holdings Corporation (NYSE: XOM)

ExxonMobil reported third-quarter 2026 earnings of $15.4 billion, or $3.72 per share, and adjusted earnings of $17.5 billion, or $4.23 per share. The company said it reached 44 consecutive years of increases in annual dividends per share and announced 2027 share repurchases of $20 billion, assuming reasonable market conditions. It also declared a fourth-quarter dividend of $1.07 per share, payable on December 10, 2026.

"In the third quarter, we continued to rise to the challenge of meeting global energy needs, drawing on unmatched scale, integration, and technical capabilities," said Darren Woods, ExxonMobil chairman and chief executive officer.

Chevron Corporation (NYSE: CVX)

Chevron's third-quarter 2026 earnings came to $9.9 billion, or $5.06 per diluted share, with adjusted earnings of $10.4 billion, or $5.28 per diluted share. U.S. refinery crude unit throughput set a new record of 1.09 million barrels per day, and the company said its Venezuela joint ventures plan to invest $7 billion over the next five years. The board declared a quarterly dividend of $1.78 per share, payable December 10, 2026.

"We delivered strong operational performance and disciplined execution, while continuing to invest to grow energy supply," said Mike Wirth, Chevron's chairman and chief executive officer.

ConocoPhillips (NYSE: COP)

ConocoPhillips reported third-quarter 2026 earnings of $4.0 billion, or $3.34 per share, and adjusted earnings of $3.9 billion, or $3.27 per share. Production was 2,302 thousand barrels of oil equivalent per day, and the company raised its quarterly ordinary dividend by 11% to $0.93 per share, payable Dec. 1, 2026. It also said its Willow project is on track for first oil in early 2029, with module fabrication scope over 75% complete.

"ConocoPhillips is continuing to execute our differential strategy, with strong operational and financial performance across the portfolio," said Andy O'Brien, president and chief executive officer.

Marathon Petroleum Corporation (NYSE: MPC)

At Marathon Petroleum, third-quarter 2026 net income attributable to MPC was $7.4 billion, or $26.59 per diluted share, while adjusted EBITDA was $11.7 billion, compared with $3.2 billion a year earlier. The refiner announced a 10% increase in its quarterly dividend and said it is advancing strategic priorities through the announced divestiture of Mid-Con assets, with the intent to reinvest primarily in the Gulf Coast.

"Our value chain capabilities remain a defining advantage for us, capturing opportunities to enhance margins across dynamic market conditions," said Chairman, President and Chief Executive Officer Maryann Mannen.

Cheniere Energy, Inc. (NYSE: LNG)

Cheniere raised its full year 2026 Consolidated Adjusted EBITDA guidance to a range of $8.75 billion to $9.25 billion, from $7.90 billion to $8.40 billion, and reported third-quarter 2026 revenues of approximately $6.2 billion. The board declared a quarterly dividend of $0.625 per common share, an increase of over 12% from the prior quarter, payable on November 17, 2026.

"Our outstanding results and improved outlook enable us to further raise our guidance ranges for 2026, and the successful completion of CCL Stage 3 and our continued debottlenecking efforts provide increased visibility into our initial production forecast for 2027," said Jack Fusco, Cheniere's Chairman, President and Chief Executive Officer.

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This article is independent news commentary. Oil Market Daily is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has not been paid by any company mentioned in this article. MEL and its owners, operators, directors, and affiliates do not currently own any shares of the companies mentioned in this article, but reserve the right to, and will, buy and sell shares of those companies at any time without further notice. Crude oil prices are delayed exchange quotes for the NYMEX December 2026 WTI and ICE January 2027 Brent futures contracts as of 9:47 a.m. ET on November 9, 2026, with prior settlements from November 6, 2026, obtained from a third-party market data provider; inventory figures are from the U.S. Energy Information Administration's Weekly Petroleum Status Report released November 4, 2026, and OPEC+ production information is from the OPEC Secretariat's November 1, 2026 statement. Information is drawn from company news releases and filings, government and industry data, published reporting and third-party data believed to be reliable, but its accuracy is not guaranteed. Investing in securities carries risk, including the loss of some or all of your investment. This document is governed by the laws of Ireland.

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