OPEC+ holds production steady after months of increases amid export problems

OPEC+, led by Saudi Arabia and Russia, has halted months of planned production increases, leaving October output unchanged as the alliance faces export disruptions and a difficult fight over future quotas.

Energy ministers from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman approved the decision during a video conference, according to the OPEC Secretariat in Vienna. The seven countries had been gradually restoring two voluntary production cuts introduced in 2023 to support crude prices. Together, those cuts amounted to 3.85 million barrels per day.

The latest step in that restoration, an increase of 188,000 barrels per day, took effect on September 1 after being agreed a month earlier. The same increase had applied during each of the previous five months. For October, however, the seven countries will retain the production levels required for September 2026.

Binding cuts applying to all alliance members except Iran, Libya and Venezuela remain in force through December 31. They total 2 million barrels per day. OPEC+ said it would next review market conditions on October 4.

Several members continue to face difficulty moving oil because tanker traffic has been disrupted in the Strait of Hormuz and the Red Sea. Ukrainian attacks on Russian oil facilities have also affected exports. In July, the alliance’s combined crude production reached 37.655 million barrels per day, up from the previous month but still 10% below January’s level before attacks by the United States and Israel on Iran led to war. The alliance must establish new country quotas from January 2027, with an agreement expected by late November.

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The seven participating countries decided to maintain for October 2026 the production required for September 2026.