New Delhi, September 6, 2026 (Yes Punjab News)
The OPEC+ group has decided to maintain its oil production levels for October, opting for a status quo as its key producers continue to assess global market conditions and the outlook for crude demand and supply.
Seven OPEC+ countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — are expected to work towards a fresh agreement on production quotas for individual members before determining their next output targets.
The seven producers had earlier announced additional voluntary production adjustments in April and November 2023. In a statement issued after Sunday’s meeting, they reaffirmed their commitment to achieving full compliance with the Declaration of Cooperation.
The group will continue holding monthly meetings to monitor market conditions, with the next meeting scheduled for October 4.
Production and Supply Concerns
OPEC+ had on August 2 approved an increase of around 188,000 barrels per day in its crude production quota from September. The move effectively restored production levels after cuts introduced by the group in 2023.
However, the impact of higher quotas on actual global oil supplies remains uncertain amid ongoing geopolitical disruptions. The conflict in the Middle East continues to affect oil and gas flows, while disruptions around the Strait of Hormuz — a critical route through which a significant share of global oil and gas exports passes — have constrained supply routes.
Higher official production targets also do not necessarily translate into additional crude reaching international buyers if producers face operational, logistical or security constraints.
Russia’s oil industry, meanwhile, is facing pressure following repeated Ukrainian drone attacks targeting energy infrastructure deep inside Russian territory. Russian production is currently estimated at around 9 million barrels per day, below its OPEC+ target of approximately 9.8 million barrels per day.
The reported UAE exit from the OPEC+ group in May has added further uncertainty over the future of coordinated production limits and the willingness of members to continue accepting restrictions.
Oil prices were hovering around $91.50 a barrel towards the end of the week after rising around 8-10 per cent amid renewed missile exchanges between the US and Iran.
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