Saudi Arabia and six OPEC+ nations keep oil output steady for October

Saudi Arabia and six other OPEC+ countries agreed to keep oil production quotas unchanged during a meeting on Sunday, as widely expected.

The seven OPEC+ members—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—that previously announced additional voluntary production cuts in April and November 2023 held a virtual meeting on September 6, 2026, to review global oil market conditions and future outlook, according to a statement.

The participating countries decided to maintain the required production levels for September 2026 unchanged for October 2026, in line with the previously announced schedule.

The seven nations reaffirmed their full collective commitment to achieving complete compliance with the Declaration of Cooperation under the OPEC+ framework.

The member states also confirmed they will continue to hold monthly meetings to monitor oil market developments and assess supply and demand conditions, with the next meeting scheduled for October 4, 2026. This meeting comes as the ongoing Iran war continues to disrupt oil exports through the Strait of Hormuz.

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