OPEC+ Countries Maintain Oil Production Levels Ahead of Global Market Uncertainty
Seven key oil-producing countries within OPEC+, comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, have agreed to maintain their October 2026 oil production levels at September's figures. This decision reflects a commitment to market stability and adherence to the group's production agreement in light of ongoing conflicts in West Asia.
The virtual meeting, which took place on September 6, saw the countries review global oil market conditions and outlook. OPEC stated that the participating nations decided to maintain their required production for October at levels seen in September.
Russia's quota stands at 9,949 million barrels per day, while Saudi Arabia's is set at 10,478 million barrels per day. Iraq's level has been set at 4,431 million barrels per day, Kuwait's at 2,676 million barrels per day, Kazakhstan's at 1,628 million barrels per day, Algeria's at 1,007 million barrels per day, and Oman's at 841,000 barrels per day.
The combined OPEC+ quota for October will be 31.01 million barrels per day, excluding compensation volumes. The countries reaffirmed their commitment to ensuring adherence to the production arrangements agreed under the Declaration of Cooperation.