Seven OPEC+ member countries have decided to keep their oil output in October 2026 at the levels set for September. The agreement was reached on September 6 during a virtual meeting, according to the organization's website.
The meeting was attended by representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. These countries had previously announced additional voluntary output adjustments in April and November 2023.
"On September 6, the seven OPEC+ countries that had previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting to discuss the state and outlook of the global oil market. The seven participating countries decided to maintain the output levels required to meet the September 2026 plan for October," the statement said.
Thus, in October, the participants will continue to adhere to the output levels set by the September plan.
In September, Kazakhstan increased its oil production by 10,000 barrels per day compared to August. Output reached 1.628 million barrels per day.
The seven countries also reaffirmed their collective commitment to full compliance with the Declaration of Cooperation. The participants will continue to hold monthly meetings to assess the situation and prospects of the global oil market. The next meeting of the seven OPEC+ countries is scheduled for October 4.