OPEC+ Producers Keep October Oil Quotas Steady at September Levels

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman decided at a virtual meeting on Sunday to keep their October oil production quotas unchanged. The seven producers chose to maintain September's required production levels through October, resisting pressure for another supply adjustment as war-related disruptions continue to remove millions of barrels a day from Middle Eastern output. OPEC+ offered no new policy guidance beyond October. Its next meeting is scheduled for October 4. Attention is increasingly shifting towards negotiations over 2027 production baselines. Members are being assessed on production capacity, a process intended to shape future baselines and reduce disputes over allocations. The producers had agreed in August to raise September output by 188,000 barrels a day. The decision leaves the group's near-term production framework intact after it completed another step in unwinding voluntary cuts in September.