Baghdad: The OPEC+ alliance is keeping its oil production policy unchanged during its meeting today. Saudi Arabia and six other members of the OPEC+ alliance maintained their oil production quotas unchanged during a meeting held on Sunday, as expected.
According to National Iraqi News Agency, the seven OPEC+ member countries-Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman-had previously announced additional voluntary production cuts in April and November 2023. They held a virtual meeting on September 6, 2026, to review the global oil market situation and its future prospects, as stated in a released statement.
The participating countries decided to maintain the production levels required for September 2026 unchanged through October 2026, as per the announced schedule. The seven countries reaffirmed their full collective commitment to achieving complete compliance with the Declaration of Cooperation within the OPEC+ framework.
The member countries also confirmed that they will continue to hold monthly meetings to monitor developments in the oil market and assess supply and demand conditions, with the next meeting scheduled for October 4, 2026. This meeting comes as Iran’s war continues to disrupt oil exports through the Strait of Hormuz.
In August, the OPEC+ alliance agreed to increase its production for September, following gradual increases, thus completely eliminating a 1.65 million barrel per day supply cut agreed upon in 2023. Despite the agreed increases, the alliance’s production remains significantly below target levels due to the war. The alliance comprises the Organization of the Petroleum Exporting Countries (OPEC) and other countries, including Russia.
OPEC+ also maintains another set of production cuts, affecting most of its 21 members, until the end of 2026. Russian Deputy Prime Minister Alexander Novak stated that OPEC+ ministers would discuss market conditions and compliance with existing production agreements during their meeting. Novak confirmed that no talks were currently underway within the alliance regarding further oil production cuts, citing a market shortage.