OPEC+ Countries Agree to Maintain Oil Production Levels Amid Global Supply Uncertainties

The Organisation of the Petroleum Exporting Countries (OPEC) has announced that Saudi Arabia and Russia will maintain their oil production levels, alongside five other major oil producers. The decision was made at a recent virtual meeting between seven OPEC+ countries.

The participating countries agreed to keep their September 2026 required production levels for October 2026. This move comes after a series of monthly production increases that unwound earlier voluntary cuts. Saudi Arabia's production level is set at 10.49 million barrels per day, while Russia's will be 9.95 million barrels per day.

The seven countries have collectively committed to achieving full conformity with the Declaration of Cooperation. They also agreed to continue holding monthly meetings to review global market conditions and outlook. The next meeting is scheduled for October 4, 2026.