OPEC+ Maintains Oil Production Levels for October 2026

The Organisation of the Petroleum Exporting Countries (OPEC) announced that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman will retain their September 2026 required production levels for October 2026. This decision was made during a virtual meeting of the seven OPEC+ countries, which had previously implemented voluntary production adjustments in April and November 2023.

The total production level for these countries is about 31.01 million barrels per day, with Saudi Arabia producing 10.49 million barrels per day, Russia at 9.95 million barrels per day, Iraq at 4.43 million barrels per day, Kuwait at 2.68 million barrels per day, Kazakhstan at 1.63 million barrels per day, Algeria at 1.01 million barrels per day, and Oman at 841,000 barrels per day. OPEC emphasized the commitment to full conformity with the Declaration of Cooperation and plans to hold monthly meetings to assess market conditions, with the next meeting scheduled for October 4, 2026.

Nigeria, an OPEC member, is not part of this specific seven-country mechanism, maintaining an OPEC quota of 1.5 million barrels per day.