OPEC+ Holds Output Steady for October as Focus Shifts to 2027 Quotas

OPEC+ kept its oil production policy unchanged for October 2026 at a meeting today, as the group works towards agreeing on new quotes before determining its next steps on output.

In August, the alliance agreed to increase production for September following gradual hikes, fully reversing a 1.65 million barrel‑per‑day supply cut agreed in 2023. Despite the agreed increases, output remains well below target levels due to the war.

The alliance comprises OPEC and other producers, including Russia. OPEC+ currently has a very limited ability to influence the actual oil market, said Jorge León of Rystad Energy. “The group can adjust production targets on paper, but it cannot guarantee that those barrels will be produced or actually reach the market.”

“The focus is now shifting away from monthly production adjustments towards a much more important discussion about 2027,” he added.

OPEC+ continues to apply another production cut, covering most of the 21-member group, until the end of 2026. Before deciding how to phase out the cuts and return production to the market, the group must review members’ oil production capacity to determine baselines for 2027 output, which will form the basis for setting quotas.

The group’s next meeting is scheduled for 4 October 2026.