OPEC+ agree to maintain oil output quotas unchanged for October

RIYADH — The OPEC+ countries decided to maintain the production levels for October 2026 that were set for September 2026. The decision was taken at the virtual meeting of the seven member countries of the OPEC+ group—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman— held on Sunday to review the latest developments and future prospects in the oil market.Last month, the OPEC+ countries had agreed to increase oil production by 188,000 barrels per day (bpd) for September. The seven countries, which previously announced additional voluntary adjustments in April and November 2023, also reaffirmed their commitment to the Declaration of Cooperation and will continue to hold monthly meetings to monitor market developments with their next meeting scheduled for October 4. In August, OPEC+ countries agreed its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023. Despite the agreed production increases, the group still produces far below its targets because of the Iran-US war.