OPEC+ Stays Course Amid Shift to 2027 Quotas
OPEC+, an alliance of oil producers including OPEC and Russia, maintained its oil production policy for October 2026 without any changes. This decision was made at a meeting held in Vienna on September 6, 2026.
The group agreed to increase production for September after gradual hikes that fully reversed a 1.65 million barrel-per-day supply cut implemented in 2023. However, output remains below target levels due to the ongoing war.
Jorge León of Rystad Energy stated that OPEC+ has limited ability to influence the actual oil market, saying 'The group can adjust production targets on paper, but it cannot guarantee that those barrels will be produced or actually reach the market.'
The focus is now shifting towards discussing 2027 quotas, with the group applying a production cut until the end of 2026. Before deciding how to phase out the cuts and return production to the market, OPEC+ must review members' oil production capacity to determine baselines for 2027 output.