OPEC+ Countries Agree to Maintain Oil Production Levels Through October 2026

The Organization of the Petroleum Exporting Countries (OPEC) has announced that several major oil-producing countries will maintain their current crude oil production levels through October 2026. The decision was made after a virtual meeting to review global market conditions and the outlook for the oil sector.

The seven OPEC+ member countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed to carry over their September 2026 production quotas into October. This move signals a cautious approach amidst ongoing disruptions to regional trade routes and oil exports.

According to the production framework published by OPEC, Saudi Arabia's quota remains at 10.478 million barrels per day, while Russia's is set at 9.949 million barrels per day. The output levels for the other members stand at 4.431 million barrels per day for Iraq, 2.676 million for Kuwait, 1.628 million for Kazakhstan, 1.007 million for Algeria, and 841,000 for Oman.

The participating countries reaffirmed their collective commitment to achieving full conformity with the Declaration of Cooperation, which aims to stabilize global oil markets. The group stated that it will continue to monitor market conditions monthly, with the next review meeting scheduled for October 4.