OPEC+ Has Left October Quotas Exactly Where September's Were. The Seven Countries' Combined Target Is 31.01 Million Barrels a Day.

Seven OPEC+ producers met by video conference on September 6 and decided to change nothing. Required production for October 2026 will be the same as for September. The seven are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, the group of countries that layered additional voluntary cuts on top of the wider OPEC+ agreement in April and November 2023.

The numbers being held

• Saudi Arabia: 10.478 million barrels a day
• Russia: 9.949 million barrels a day
• Iraq: 4.431 million barrels a day
• Kuwait: 2.676 million barrels a day
• Kazakhstan: 1.628 million barrels a day
• Algeria: 1.007 million barrels a day
• Oman: 0.841 million barrels a day

That comes to 31.01 million barrels a day. The figure is a required production level, not an output forecast, and it excludes compensation volumes — the reductions members owe for having produced above quota in earlier periods.

What was finished in September

The decision to hold follows the completion of a long unwind. The seven had been phasing out a 1.65 million barrel-a-day voluntary cut originally agreed in 2023. The final tranche of that rollback took effect in September and was agreed at the group's August meeting. In other words, the September number the group has now rolled into October is the first month in which none of that 2023 tranche remains in place.

The context the group is operating in

Reuters, in reporting carried by KFGO, described conflict involving Iran as continuing to disrupt exports through the Strait of Hormuz, and quoted an analyst saying that OPEC+ "currently has very limited power over the physical oil market." The same reporting said the group is expected to pause output increases through the fourth quarter of 2026 while members review production capacity in order to set the baselines from which 2027 quotas will be calculated.

Why baselines matter more than headline quotas

A quota is a number measured against a baseline. When a group renegotiates baselines, it is renegotiating what each member's share of the total is allowed to be, which is a harder argument than agreeing a collective increase or decrease. Members whose capacity has grown have an interest in a higher baseline; members whose capacity has not have an interest in the opposite. That is the negotiation the reporting says will run through the rest of this year.

The group has been meeting monthly to review market conditions. The next meeting is October 4, 2026.