OPEC+ Countries Maintain Oil Production Levels Amid Rising Global Uncertainty
Seven major oil-producing countries within OPEC+ have agreed to maintain their required oil production levels for October at September's unchanged levels. This decision, taken during a virtual meeting on September 6, reaffirms their commitment to market stability and compliance with the group's production agreement amid rising uncertainty over global oil markets due to ongoing conflicts in West Asia.
The countries involved are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. According to OPEC's production table, Russia's quota for October will stand at 9,949 million barrels per day, while Saudi Arabia's will be 10,478 million barrels per day.
The combined OPEC+ quota for October, excluding compensation volumes, will stand at 31,01 million barrels per day. The countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation and agreed to continue meeting every month to review market conditions and the outlook.