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. The 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. After reviewing global oil market developments during a recent meeting, the group decided to retain their production levels for October 2026. The combined production capacity of these seven countries is approximately 31.01 million barrels per day.

Saudi Arabia's production level for October is expected to be 10.49 million barrels per day, while Russia's is projected to be 9.95mbpd. Iraq will produce 4.43mbpd, and Kuwait has been allocated 2.68mbpd. Kazakhstan's production level is set at 1.63mbpd, and Algeria and Oman will contribute 1.01mbpd and 841,000 barrels per day, respectively.

OPEC emphasized their collective commitment to adhering to the Declaration of Cooperation and stated that they will continue to hold monthly meetings to assess global market conditions and outlook. The next meeting of the seven countries is scheduled for October 4, 2026. By deciding to maintain output levels, the Saudi-led alliance appears to be adopting a cautious stance amidst ongoing global supply uncertainties and high crude oil prices.

Nigeria, another OPEC member, is not involved in this specific seven-country mechanism, maintaining its OPEC quota of 1.5mbpd.