The seven OPEC+ countries that previously announced additional voluntary production adjustments in April and November 2023 — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman — held a virtual meeting on 6 September 2026 to review global oil market conditions and the outlook.

Following the review, the seven participating countries decided to maintain their September 2026 required production levels for October 2026. The decision to hold output steady, rather than adjust it, is consistent with the group's practice of calibrating supply month by month in response to evolving market conditions, a mechanism the eight-country grouping has used repeatedly since it began unwinding voluntary cuts in 2024.

The group reiterated its collective commitment to achieving full conformity with the Declaration of Cooperation, the framework under which OPEC and non-OPEC producing countries coordinate oil production policy. OPEC, the Organization of the Petroleum Exporting Countries, is a Vienna-based intergovernmental body, and OPEC+ refers to the broader group that includes allied non-OPEC producers such as Russia, Kazakhstan, and Oman. For oil traders, refiners, and producing nations, these coordinated production decisions are a closely watched signal of how the world's largest suppliers intend to balance supply against demand — a dynamic that influences everything from government budgets in producer states to fuel costs worldwide.

The seven countries stated they will continue to hold monthly meetings to review market conditions, with the next meeting scheduled for 4 October 2026. That upcoming gathering will be the next scheduled opportunity for the group to respond to changes in the market outlook.

Source: OPEC, via Hellenic Shipping News