OPEC+ Seven Keep September Output Levels for October Amid Market Uncertainty

Saudi Arabia, Russia retain combined output of more than 20mbpd as producers adopt cautious approach The world’s major oil producers have opted for caution in managing crude supply, with Saudi Arabia, Russia and five other members of the OPEC+ alliance agreeing to maintain their September 2026 required production levels throughout October. The decision was reached at a virtual meeting of the seven OPEC+ countries that had previously announced additional voluntary production adjustments in April and November 2023. The countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — reviewed developments in the global oil market and its outlook before agreeing to keep their September production requirements unchanged for October. The Organisation of the Petroleum Exporting Countries, in a statement issued after the meeting, said the seven producers reaffirmed their commitment to maintaining market stability while closely monitoring global developments. The combined October production level for the seven countries is approximately 31.01 million barrels per day, based on figures released by the oil producers’ group. Saudi Arabia, the largest producer in the group, will maintain production at 10.49 million barrels per day, while Russia’s output will remain at 9.95 million barrels per day. Iraq’s production level was set at 4.43 million barrels per day, with Kuwait allocated 2.68 million barrels per day. Kazakhstan will produce 1.63 million barrels per day, while Algeria’s output will stand at 1.01 million barrels per day. Oman, the smallest producer among the seven, will maintain production at 841,000 barrels per day. The decision marks a pause after a series of monthly production increases through which the OPEC+ producers gradually unwound earlier voluntary supply cuts. Rather than proceeding with another increase, the Saudi-led group has chosen to hold production steady, a move that underscores the producers’ cautious assessment of global supply and demand conditions. OPEC+ reaffirms compliance commitment Beyond the production figures, the seven countries reiterated their collective commitment to achieving full conformity with the Declaration of Cooperation, the framework underpinning cooperation among OPEC and participating non-OPEC oil producers. The producers also agreed to continue meeting every month to assess developments in the international oil market and determine whether adjustments to their production strategy are necessary. “The seven OPEC+ countries will continue to hold monthly meetings to review market conditions,” OPEC stated. The next meeting has been scheduled for October 4, 2026, when the producers are expected to assess market developments and the outlook before determining their subsequent production levels. Nigeria outside seven-country mechanism Nigeria, although a member of OPEC, is not part of the specific seven-country mechanism covered by the latest decision. The country’s OPEC production quota remains at 1.5 million barrels per day. The distinction is significant because the latest agreement applies specifically to the seven producers that had undertaken the additional voluntary production adjustments. Nigeria’s output allocation is therefore not directly altered by the October decision. The decision by the seven producers to maintain their output levels leaves the market watching closely for any changes in global demand, supply disruptions and crude price movements ahead of their next review.