Organisation of the Petroleum Exporting Countries and its allies (OPEC+) have agreed to pause further increases in oil production and maintain their September 2026 production levels for October.
Gatekeepers News reports that the decision was reached on Sunday by seven key OPEC+ producers — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — during a virtual meeting to review global oil market conditions and the economic outlook.
The group had been increasing production monthly since April 2026. The decision to hold output steady marks a pause after the latest round of planned increases, as the producers assess market conditions and work towards establishing new production quotas for 2027.
OPEC+ said the seven countries would meet again on October 4 to review market developments and determine their next course of action.
The decision comes amid significant disruptions to global oil supplies linked to the ongoing US-Iran conflict and reduced shipping through the Strait of Hormuz, a crucial route for global crude shipments. The disruptions have contributed to increased volatility in international oil prices.
The group has also completed the planned rollback of its earlier voluntary production cuts, while a broader 2 million barrels-per-day cut from 2022 remains in place. The producers are now assessing their individual production capacities ahead of discussions on new baselines for 2027.
The latest decision could help limit additional crude supplies to the market at a time when geopolitical tensions are already threatening global oil flows.
