7 OPEC+ Countries Hold October Output Targets at September Levels
Key Facts
7 OPEC+ countries decided at a virtual meeting on September 6, 2026, to maintain September 2026 required production levels for October 2026. The meeting included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The statement said the participants reviewed global oil-market conditions and the outlook. The announcement is limited to October 2026 targets and does not set production policy after that month.
The countries reaffirmed their collective commitment to full conformity with the Declaration of Cooperation, or DoC. Under the framework reaffirmed on August 2, 2026, the additional voluntary production adjustments announced in April 2023 are monitored by the JMMC, and the countries confirmed their intention to compensate fully for any overproduction since January 2024. At its 67th meeting on August 2, 2026, the JMMC reviewed May and June 2026 production data and noted overall conformity among countries participating in the DoC. It also reaffirmed continued monitoring of adjustments decided at the 38th ONOMM and the additional voluntary adjustments assigned for monitoring at the 52nd JMMC meeting.
On August 2, 2026, the countries approved a 188,000-barrel-per-day adjustment from the additional voluntary cuts announced in April 2023. The adjustment took effect in September 2026. Reuters reported that the September step completed the phased unwinding of a 1.65 million-barrel-per-day cut first agreed in 2023. The October 2026 decision followed that step and retained the September 2026 required level as the reference for the following month.
The decision came as a war involving Iran continued to disrupt oil exports through the Strait of Hormuz. Reuters reported that OPEC+ actual production remained far below targets because of the war. This gap means quota targets and physical supplies may move differently. The decision therefore sets the policy framework but does not guarantee how many barrels will be produced or reach buyers.
The 7 countries will continue monthly meetings and scheduled their next meeting for October 4, 2026. The 68th JMMC meeting is also scheduled for October 4, 2026, and the committee retains authority to convene additional meetings when needed. The broader OPEC+ framework retained the agreed overall crude-production level through December 31, 2026, and linked 2027 baselines to completion of the maximum sustainable production capacity, or MSC, assessment. The 42nd OPEC and non-OPEC Ministerial Meeting is scheduled for November 29, 2026, while the September 6, 2026 statement did not set policy for the 7 countries beyond October 2026.