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Seven OPEC+ countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman have agreed to keep their required oil production levels for October 2026 unchanged from September, reaffirming 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 decision was taken during a virtual meeting on Sunday, where the seven countries reviewed global oil market conditions and the outlook, according to a statement issued by OPEC. "The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on 6 September 2026 to review global market conditions and outlook," OPEC said. "The seven participating countries decided to maintain September 2026 required production for October 2026," it added. 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. Iraq's production 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, excluding compensation volumes, will stand at 31,01 million barrels per day, according to the figures released by the organisation. The participating countries also reiterated their commitment to ensuring that members adhere to the production arrangements agreed under the broader Declaration of Cooperation. "The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation," OPEC said. The latest decision keeps the current production framework unchanged for another month as the seven producers continue to assess developments in global oil markets. OPEC said the countries would continue to meet every month to review market conditions and the outlook. "The seven OPEC+ countries will continue to hold monthly meetings to review market conditions," the organisation said. The next meeting is scheduled for October 4, when the seven countries will again assess market developments and production levels. (ANI)
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