Saudi Arabia and seven OPEC+ producers hold October output steady

OPEC+ has decided to keep October 2026 oil-production targets unchanged, following a virtual meeting on September 6.

The decision was taken by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman as the group evaluates ongoing geopolitical risks and disruptions affecting oil exports through the Strait of Hormuz.

Saudi Arabia’s October production quota will remain at 10.478 million barrels per day, while the combined quota for the seven participating countries is 31.01 million barrels per day, excluding compensation volumes.

The move is particularly important for global energy markets because OPEC+ had previously been increasing supply after gradually rolling back earlier production cuts. The group will meet again on October 4 to review market conditions.

Source : The Times Of India.