OPEC+ set to keep oil output policy unchanged on Sunday, sources say
The group is pausing further output steps while it reviews members’ production capacity to set 2027 baselines, Reuters sources said.
- On Sun, Sep 6, OPEC is set to keep oil output policy unchanged for October, as two people familiar with the discussions told Reuters the group needs to agree on new quotas.
- Before the group decides how to unwind production cuts and return output to the market, the 21-country Organization must review members' oil production capacity to set 2027 output baselines.
- Another layer of production cuts remains in place, covering most members of the 21-country group until the end of 2026. These cuts form the basis for upcoming quota decisions.
- Despite agreed increases including a phased rollback of a 1.65 million-barrel-per-day supply cut, the Organization of the Petroleum Exporting Countries and Russia produce far below targets because of the war.
- Unlike in the past, supply decisions have limited market impact as ongoing conflict involving Iran continues to disrupt oil exports through the Strait of Hormuz. This constrains OPEC's influence over prices.
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Saudi, Russian cooperation important for supporting global energy markets, Saudi minister says
Saudi Arabia's Foreign Minister Faisal bin Farhan said on Tuesday that cooperation with Russia, a fellow member of the OPEC+ alliance, had proved important in supporting global energy markets. "Saudi Arabian and Russian cooperation includes a spectrum of political and economic sectors, which proved to be important for supporting global energy markets," he said during a trip to Moscow.
The group of members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies announced that they plan to put just a few more barrels on the market in October, after concluding a multi-year cycle of voluntary production cuts. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and […] The announcement The group of leading oil producers announces just a few more barrels and first appeared in Novi list in October.
OPEC+ Keeps October Oil Output Quota Unchanged from September Levels
Get latest articles and stories on World at LatestLY. Seven OPEC+ countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – have agreed to keep their required oil production levels for October 2026 unchanged from September, reaffirming their commitment to market stability and compliance with the group's production agreement amid rising uncertainty over global oil markets due to ongoing conflicts in West Asia. World News | OP…
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