Seven OPEC+ Members Hold October Oil Output Unchanged
Key Takeaways
- •Seven OPEC+ members agreed to keep October oil production at September levels after a virtual meeting on September 6.
- •The October decision pauses the gradual monthly unwinding of voluntary supply cuts announced in 2023, following a 188,000 b/d increase for September.
- •The group's next meeting is scheduled for October 4, when members will review market conditions and decide whether to resume, maintain, or adjust the output trajectory.
- •The UAE left OPEC in May, reducing the group managing the voluntary cuts from eight to seven countries.
- •OPEC+ supply decisions influence crude and refined product prices, which affect marine fuel costs tracked by bunkering ports worldwide.
Seven OPEC+ members have agreed to keep their oil production levels unchanged for October, maintaining the output levels set for September.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman decided to hold September production levels steady for October following a virtual meeting on September 6, OPEC said in a press release on Sunday.
The decision comes after the seven countries had agreed to increase production by 188,000 b/d for September. The group has been gradually unwinding a set of voluntary supply cuts first announced in 2023 through monthly increments, adjusting the pace of those increases month to month in response to market conditions. Holding output steady in October marks a pause in that incremental unwinding.
"The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 6 September 2026, to review global market conditions and outlook," OPEC said.
The seven countries will hold their next meeting on October 4, where they will again review market conditions and decide whether to resume, maintain, or alter the monthly output trajectory.
The UAE, which had previously participated in the monthly output decisions, left OPEC in May. It was also part of the group of eight countries involved in the production adjustments in recent years, leaving the seven remaining members to manage the voluntary cuts going forward.
For the shipping sector, OPEC+ supply decisions feed through to crude and refined product prices, which in turn influence marine fuel costs tracked by bunkering ports worldwide.
Source: Ship & Bunker
