The seven OPEC-plus countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, have decided to maintain their September 2026 production quotas unchanged for November.
The decision was taken during a virtual meeting on October 4, where the countries reviewed global oil market conditions and outlook. The group will continue to meet monthly, with the next meeting scheduled for November 1.
Separately, the 68th meeting of the Joint Ministerial Monitoring Committee (JMMC) stressed the importance of protecting international maritime routes and energy infrastructure, warning that attacks or disruptions could increase market volatility and affect energy supply.
The group finished unwinding 1.65 million barrels per day of voluntary cuts from 2023 in September. It is keeping a further two million bpd of cuts, agreed in 2022, in place until the end of the year. It is also reviewing members’ production capacity to set quotas for 2027.
The seven Opec+ countries “will continue to hold monthly meetings to review market conditions”, the statement said. The next meeting will be held on November 1.