Saudi Arabia, Russia and five other major oil producers have agreed to maintain their September 2026 oil production levels in October, as the OPEC+ alliance takes a cautious approach amid continuing uncertainty in the global crude oil market.
The decision was reached during a virtual meeting of the seven OPEC+ countries that had previously announced additional voluntary production adjustments. The group comprises Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, which reviewed recent developments in the oil market and the outlook for global supply and demand.
According to figures released by OPEC, the seven countries will collectively produce about 31.01 million barrels per day in October. Saudi Arabia’s production allocation stands at 10.49 million barrels per day, followed by Russia at 9.95 million barrels per day, while Iraq and Kuwait will produce 4.43 million and 2.68 million barrels per day respectively.
Kazakhstan has been allocated 1.63 million barrels per day, while Algeria and Oman will produce 1.01 million and 841,000 barrels per day respectively. OPEC said the countries also reaffirmed their commitment to achieving full conformity with the Declaration of Cooperation and will continue to meet monthly to assess market conditions.
The decision comes after months of gradual production increases that brought the earlier voluntary cuts toward an end. By keeping output unchanged for October, the oil producers are signalling caution as the global market navigates supply uncertainties and elevated crude prices. The next meeting of the seven countries is scheduled for October 4, 2026. Nigeria, although an OPEC member, is not part of this specific seven-country mechanism and retains an OPEC production quota of 1.5 million barrels per day.
source: punch
