OPEC+ Keeps Oil Quotas Unchanged for October Amid Market Uncertainty

OPEC+ member countries have agreed to maintain oil production quotas unchanged for October, according to their latest decision. The virtual meeting of the seven OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, was held on Sunday to review the oil market.

Last month, the group had decided to increase oil output by 188,000 barrels per day for September. This decision completes a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023.

The OPEC+ countries reaffirmed their commitment to the Declaration of Cooperation and will continue to hold monthly meetings to monitor market developments with their next meeting scheduled for October 4.