VIENNA, AUSTRIA — The Organization of the Petroleum Exporting Countries and its allies have agreed to pause oil production increases and maintain output levels in October, marking a halt to four consecutive monthly hikes as seven core members reviewed global market conditions and the outlook .
In a statement on Sunday, OPEC said the decision was reached during a virtual meeting of seven member countries that had previously implemented additional voluntary production adjustments in April and November 2023 . The countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman .
The decision comes after OPEC+ had increased production by 188,000 barrels per day in September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023 . The group began raising output in June as part of a plan to unwind production cuts introduced to prevent excess crude supply in the global market .
Under the October arrangement, Saudi Arabia will maintain the highest required production level at 10.478 million barrels per day (bpd), followed by Russia at 9.949 million bpd, and Iraq at 4.431 million bpd . Kuwait’s required output stands at 2.676 million bpd, while Kazakhstan, Algeria, and Oman will maintain levels of 1.628 million bpd, 1.007 million bpd, and 841,000 bpd, respectively .
The meeting took place as the ongoing conflict in the Middle East continues to disrupt oil exports through the Strait of Hormuz, limiting OPEC+’s influence over prices and market share . Despite agreed production increases, the group still produces far below its targets because of the conflict .
“The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation,” OPEC said in the statement . The seven OPEC+ countries will continue to hold monthly meetings to review market conditions, with their next meeting scheduled for October 4, 2026 .
