OPEC+ has paused its recent oil production increases, keeping output levels unchanged for October 2026 after four consecutive monthly hikes as the group reassesses global crude oil market conditions.
The decision was reached on Sunday, September 6, 2026, during a virtual meeting involving seven key OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman. The countries agreed to maintain their September production levels in October while continuing to monitor market developments and the outlook for crude oil demand and supply.
The pause comes after OPEC+ began increasing production in June as part of a phased plan to unwind some of the production cuts introduced in 2023 to prevent excess supply. The group had approved identical increases of 188,000 barrels per day (bpd) for June, July, August and September, bringing the planned four-month increase to 752,000 bpd. For October, the seven countries have a combined required production level of about 31.01 million bpd, with Saudi Arabia accounting for the largest share at 10.478 million bpd, followed by Russia at 9.949 million bpd and Iraq at 4.431 million bpd.
For Nigeria, the OPEC+ decision comes at a time when the country’s crude oil production is showing signs of recovery. Nigeria averaged 1.56 million bpd in June 2026, its highest monthly crude output since April 2020, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The country also exceeded its OPEC quota for the second consecutive month, producing 1.53 million bpd in May, as improved production efficiency and efforts to curb crude oil theft supported higher output.
However, stronger crude production has yet to translate into consistent growth in NNPC Limited’s monthly profit. The national oil company’s profit after tax fell to N279 billion in July 2026, representing a 47.9% decline from the N535 billion recorded in June. OPEC+ is expected to review market conditions again at its next meeting on October 4, 2026, with the October pause giving the alliance time to assess the impact of the supply already restored before deciding whether to resume production increases.
source: Nairametrics
