Seven OPEC+ countries have decided to keep their required oil production levels for October 2026 unchanged from September, reaffirming their commitment to supporting global market stability.
According to an OPEC press release on Sunday, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held a virtual meeting on September 6 to review global oil market conditions and the outlook.
The seven countries had previously announced additional voluntary production adjustments in April and November 2023.
Also Read: OPEC+ Approves 188,000 Bpd Oil Output Hike, But Bigger Supply Boost May Come After War
Under the October schedule, Saudi Arabia's required production will remain at 10,478 thousand barrels per day (kbd), while Russia's will stand at 9,949 kbd. Iraq's required output is set at 4,431 kbd and Kuwait's at 2,676 kbd.
Kazakhstan will maintain required production of 1,628 kbd, while Algeria and Oman will remain at 1,007 kbd and 841 kbd, respectively.
The decision comes after the seven producers increased their combined required production for September by 188,000 barrels per day as part of the phased unwinding of earlier voluntary adjustments.
The group reiterated its collective commitment to achieving full conformity with the Declaration of Cooperation.
The seven countries will continue to meet every month to assess market conditions and the outlook. Their next meeting is scheduled for October 4, 2026.
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