OPEC+ Keeps October Oil Output Quota Unchanged

Seven core OPEC+ members kept their October 2026 oil production targets unchanged from September 2026 levels in a virtual meeting held on 6 September 2026. The participating countries were Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.

OPEC+ and Production Quotas

OPEC+ is a grouping of the Organization of the Petroleum Exporting Countries and allied producers that coordinates crude oil output policy. The seven core members set a combined October 2026 quota of 31.01 million barrels per day, excluding compensation volumes.

Saudi Arabia’s October 2026 target was fixed at 10.478 million barrels per day. Russia’s quota was 9.949 million barrels per day, and Iraq’s quota was 4.431 million barrels per day.

Country-wise October 2026 Targets

Kuwait’s output target for October 2026 was set at 2.676 million barrels per day. Kazakhstan’s quota was 1.628 million barrels per day, Algeria’s quota was 1.007 million barrels per day, and Oman’s quota was 841,000 barrels per day.

The group decided to pause further monthly adjustments while negotiating new production baselines for 2027. The decision followed the completion of a phased rollback in August 2026 that restored 1.65 million barrels per day of voluntary supply cuts introduced in 2023.

Market Context and Supply Factors

OPEC+ output policy is linked to crude oil supply management, market balance and member-country compliance with agreed baselines. Physical oil flows in West Asia can be affected by disruptions in the Strait of Hormuz, which is a key maritime chokepoint for global energy trade.

Jorge Leon of Rystad Energy is associated with analysis of oil markets and OPEC+ supply policy.

Important Facts for Exams

• OPEC was founded in 1960 and is headquartered in Vienna, Austria.
• OPEC+ includes OPEC members and non-OPEC producers such as Russia.
• Crude oil output is commonly measured in barrels per day, abbreviated as bpd.
• The Strait of Hormuz connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.

Next Review Meeting

The next virtual meeting of the core OPEC+ members to review market conditions is scheduled for 4 October 2026. The meeting will assess future output steps after the October 2026 quota decision.