OPEC+ Countries Maintain Oil Production Quotas Amid Global Uncertainty

OPEC+ countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman have agreed to maintain their required oil production levels for October at September's unchanged quota.

This decision was made during a virtual meeting on September 6, where the seven countries reviewed global oil market conditions and the outlook amid ongoing conflicts in West Asia.

The participating countries reaffirmed their commitment to market stability and compliance with the group's production agreement, which includes additional voluntary adjustments announced in April and November 2023.

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 be approximately 31.01 million barrels per day.