OPEC+ maintains oil production in October

A decision on production in October was taken at a conference held by digital means between ministers of the Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman sector, according to a statement from the Organisation of Petroleum Exporting Countries (OPEP), based in Vienna.

“ The seven participating countries decided to maintain for October 2026 the production required for September 2026”, says the document.

This interrupts the strategy of these seven countries to increase production in order to gradually reverse, more than a year ago, two voluntary cuts in production which they applied in 2023.

The most recent phase of the plan consisted of an increase of 188,000 barrels per day, agreed a month ago and entered into force on September 1.

At the same time, mandatory reductions in the production of all members of the alliance, with the exception of Iran, Libya and Venezuela, remain in force until the end of the year.

The next meeting to evaluate the market will take place on October 4.

Several of the 21 members of the OPEC+ alliance, which brings together 11 Member States and 10 other oil producing nations continue to face problems due to oil traffic disruptions in the Strait of Ormuz and the Red Sea and Ukrainian attacks on Russian oil installations.

In today's note, refers to Efe, OPEC presents the production quotas allocated to each of these seven countries is higher than July, with the exception of Oman and Kazakhstan.

According to the latest data provided by OPEC for July, the joint production of the 21 members was 37,655 million barrels per day, higher than the previous month but still 10% below that seen in January, before the attacks of the United States of America and Israel sparked a war against Iran.

OPEC+ should set new quotas per country from January 2027, and are expected to be agreed at the end of November.