OPEC+ Maintains October Oil Production Policy Unchanged

en.Wedoany.com Reported - On September 6, seven OPEC+ member countries—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman—held a virtual meeting and decided to maintain the October 2026 oil production policy unchanged, without further raising the production target for that month. Previously, the relevant members had completed the gradual phase-out of the 1.65 million barrels per day voluntary production cuts implemented in 2023 by September.

The seven countries had raised production targets for several consecutive months prior, with the September increase set at 188,000 barrels per day. With the completion of this round of voluntary cut phase-out, October quotas will remain at September levels. OPEC+ still retains another layer of previously implemented production cuts, with related arrangements extending through the end of 2026.

OPEC+ is concurrently advancing the review of 2027 production baselines. Member countries' production capacity assessments are being conducted with the participation of DeGolyer and MacNaughton and are scheduled for completion later in 2026. Members such as Iraq hope that the new production baselines will reflect newly added production capacity in recent years, and the assessment results will be used to subsequently determine each country's production quota.

Currently, actual crude oil supply from some members remains below the established production targets. The Iran conflict and restricted transit through the Strait of Hormuz have affected Middle Eastern crude exports, while some supplies from Russia and Kazakhstan have also been impacted by external factors, resulting in the previously raised nominal production targets not being fully converted into actual new supply.

This meeting did not announce new production adjustment plans beyond October. The next meeting of the seven member countries is scheduled for October 4, where they will continue to assess market conditions and discuss November production arrangements.