S’Arabia, Russia to retain oil production levels – OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) has announced that Saudi Arabia, Russia, and five other major oil producers will maintain their September 2026 production levels for the upcoming month. This decision was made by the seven OPEC+ countries, which include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. These nations had previously agreed to additional voluntary production adjustments in April and November 2023.

The participating countries gathered recently to discuss the global oil market and its future outlook. Following their meeting, OPEC announced that the seven countries have decided to keep their September 2026 production levels as planned. The combined production capacity of these seven countries is approximately 31.01 million barrels per day.

Saudi Arabia's output for October is expected to be 10.49 million barrels per day, while Russia's is projected to be 9.95mbpd. Iraq, Kuwait, Kazakhstan, Algeria, and Oman will each produce 4.43mbpd, 2.68mbpd, 1.63mbpd, 1.01mbpd, and 841,000 barrels per day, respectively.

OPEC emphasized that the seven countries remain committed to adhering to the Declaration of Cooperation. The organization also stated that the members will continue to meet monthly to assess global market conditions and future prospects. The next gathering of the seven countries is scheduled for October 4, 2026.

The decision to maintain production levels indicates a cautious strategy by the Saudi-led alliance amidst ongoing global supply uncertainties and rising crude prices. It is important to note that Nigeria, another OPEC member, is not part of this specific seven-country mechanism. Nigeria's quota remains at 1.5mbpd.