OPEC+ agree to maintain oil output quotas unchanged for October

Riyadh, Saudi Arabia - The OPEC+ coalition, comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, unanimously decided to keep their oil output quotas unchanged for October 2026, mirroring the quotas set for September 2026. This decision was reached during a virtual meeting held on Sunday to assess the most recent developments and future prospects in the oil market.

In September, the group had previously agreed to raise production by 188,000 barrels per day (bpd). The seven nations, who had earlier announced voluntary adjustments in April and November 2023, also reiterated their dedication to the Declaration of Cooperation. The agreement extends the group's monthly meetings to keep a close watch on market trends. Their subsequent gathering is set for October 4.

In August, the OPEC+ nations approved an increase in production for September, thus concluding a gradual reduction in a 1.65 million-barrel-per-day supply cut that was initially decided in 2023. Despite the agreed production increases, the group still falls short of its targets due to the ongoing Iran-US conflict.