The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have suspended further hike of their oil production quotas for October after four consecutive monthly upward review of their outputs to the global market.
The oil cartel group reached that decision on Sunday, September 6, 2026, during the virtual meeting of the seven major OPEC+ members, namely Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, convened to review global oil market conditions and outlook.
During the meeting, the countries agreed that would maintain their September production levels for October.
The OPEC+ stated: “The seven participating countries decided to maintain September 2026 required production for October 2026 as detailed in the table below.”
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The countries also reaffirmed their commitment to achieving full conformity with the Declaration of Cooperation, while maintaining their monthly reviews of market conditions.
According to their oil production data for October, the seven countries have a combined required production of about 31.01 million barrels per day (bpd), with Saudi Arabia accounting for the largest required production at 10.478 million bpd, followed by Russia at 9.949 million bpd and Iraq at 4.431 million bpd.
The data also showed that Kuwait had a required production level of 2.676 million bpd compared with Kazakhstan’s 1.628 million bpd; and Algeria’s 1.007 million bpd. Oman had the lowest required production at 841,000 bpd.
The next meeting of the oil cartel group has been scheduled for October 4, 2026, when they are expected to reassess market conditions and the outlook.
It would be recalled that in early August, OPEC+ approved a 188,000 bpd increase for September production quotas, representing the fourth consecutive monthly increase as the group continued its phased unwinding of supply cuts introduced in 2023.
The September increase was the same like the 188,000 bpd hikes approved for June, July and August, bringing the four-month planned increase to 752,000 bpd.
The oil cartel group began raising its member-countries output from June this as part of their phased plan to unwind production cuts introduced in 2023 to prevent excess crude supply in the global market.
