In a virtual meeting held on Sunday, seven OPEC+ member nations agreed to maintain oil production quotas for October 2026 at the same levels established for September 2026. The participating nations—comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—convened to evaluate recent oil market developments and assess future outlooks.
The decision follows an agreement reached by the OPEC+ countries last month to boost oil production by 188,000 barrels per day for September. That increase finalized the gradual rollback of a 1.65 million-barrel-per-day supply reduction originally established in 2023. Even with these agreed-upon increments, geopolitical factors, specifically the Iran-US war, have kept the alliance's actual output significantly below its target levels.
During the meeting, the seven nations, which previously implemented supplementary voluntary production adjustments in April and November of 2023, restated their commitment to the Declaration of Cooperation. The alliance plans to continue its monthly review sessions to monitor ongoing market trends, with the next virtual meeting scheduled to take place on October 4.
