OPEC+ Holds Oil Production at September Levels in October

According to OPEC+, the cartel decided to maintain October oil production at September levels, as announced on September 6. Seven member states including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman made the decision during a video conference. This marks a halt to six consecutive months of production increases that began in April.

However, actual output remains below OPEC+ targets due to production disruptions from the U.S.-Iran conflict. Analysts note OPEC+'s real-world influence on crude markets is increasingly limited. The group plans monthly meetings to review market conditions, with the next scheduled for October 4, 2026.