Seven key OPEC+ producers agreed to keep their required oil production levels unchanged in October, pausing further adjustments as the group continues to assess global market conditions and the outlook.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman made the decision during a virtual meeting on Sunday, maintaining the production requirements set for September, according to the producer group.
The countries had previously introduced additional voluntary production adjustments in April and November 2023. They reaffirmed their commitment to full conformity with the Declaration of Cooperation and said they would continue to meet monthly to review market conditions.
The decision follows an agreement in August to raise the seven countries’ production by 188,000 barrels a day for September, completing a phased rollback of a 1.65 million-barrel-a-day voluntary supply cut first agreed in 2023. OPEC+ said its next meeting would be held on Oct. 4.
The decision to hold output targets steady comes as the group faces heightened uncertainty in global oil markets and shifts attention toward longer-term production arrangements, including discussions around members’ future output capacities and quotas.
The seven producers remain central to OPEC+ efforts to manage supply under the wider Declaration of Cooperation, which brings together members of the Organization of the Petroleum Exporting Countries and allied oil-producing nations.
The group is maintaining its current production policy for now while continuing to monitor developments in the global market.
