OPEC+ pauses oil output hikes after four straight monthly increases

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) has paused its recent oil production increases, keeping output levels unchanged for October after four consecutive monthly hikes.

The decision was taken on Sunday, September 6, 2026, when the seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — met virtually to review global oil market conditions and outlook.

OPEC+ began raising output in June as part of a phased plan to unwind production cuts introduced in 2023 to prevent excess crude supply in the global market.

What they are saying

The seven OPEC+ countries, which had announced additional voluntary production adjustments in April and November 2023, met virtually on September 6 to assess global market conditions and the outlook.

Following the meeting, the countries said they would maintain their September production levels for October.

• “The seven participating countries decided to maintain September 2026 required production for October 2026 as detailed in the table below,” OPEC+ said in the statement.

The countries also reaffirmed their collective commitment to achieving full conformity with the Declaration of Cooperation, while maintaining their monthly reviews of market conditions.

The next meeting of the seven OPEC+ countries is scheduled for October 4, 2026, when they are expected to reassess market conditions and the outlook.

For October, the seven countries have a combined required production of about 31.01 million barrels per day (bpd).

• Saudi Arabia has the largest required production at 10.478 million bpd, followed by Russia at 9.949 million bpd and Iraq at 4.431 million bpd.

Kuwait has a required production level of 2.676 million bpd, while Kazakhstan is set at 1.628 million bpd and Algeria at 1.007 million bpd. Oman has the lowest required production among the seven at 841,000 bpd.

Get up to speed

In early August, OPEC+ approved a 188,000 bpd increase in September production quotas, marking the fourth consecutive monthly increase as the group continued its phased unwinding of supply cuts introduced in 2023.

• The September increase followed identical 188,000 bpd hikes approved for June, July and August, bringing the four-month planned increase to 752,000 bpd.

The latest phase effectively reversed, on paper, two layers of the 2023 production cuts totalling about 3.5 million bpd, excluding the United Arab Emirates’ share, although actual supply restoration has been more limited because several members lack the capacity to raise production significantly.

Saudi Arabia continues to hold much of the alliance’s spare production capacity.

What you should know

The OPEC+ decision comes as Nigeria continues to improve crude oil production and exceed its assigned quota, supporting the Federal Government’s efforts to raise oil output and revenues.

• Nigeria produced an average of 1.56 million bpd in June 2026, its highest monthly crude output since April 2020, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
• June was also the second consecutive month Nigeria exceeded its OPEC quota, after producing 1.53 million bpd in May, as efforts to improve production efficiency and curb crude oil theft supported higher output.
• However, stronger crude production has not translated into sustained growth in the national oil company’s monthly profit. NNPC Limited’s profit after tax fell to N279 billion in July 2026, down 47.9% from the N535 billion recorded in June.

The October pause therefore gives OPEC+ room to assess the impact of the supply already restored before deciding whether to resume its production increases.