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Seven core OPEC+ members kept their October 2026 crude oil production targets unchanged from September levels at a virtual meeting on 6 September 2026.
The seven are Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, with a combined October quota of 31.01 million barrels per day excluding compensation volumes.
Saudi Arabia's target is 10.478 million bpd and Russia's 9.949 million bpd, the two largest shares.
The group paused further monthly adjustments while it negotiates new production baselines for 2027, after completing in August 2026 a phased rollback that restored 1.65 million bpd of voluntary cuts introduced in 2023.
The next virtual review meeting is scheduled for 4 October 2026.
Coordinates and unifies the petroleum policies of its member countries and manages crude oil supply to stabilise markets.
OPEC together with allied non-OPEC producers including Russia, Kazakhstan, Oman and others; it sets collective output policy through periodic ministerial and virtual meetings.
Each member has a baseline production level from which its quota is calculated. Members that overproduce in one month must compensate by cutting output later, which is why headline quotas are quoted as excluding compensation volumes. Disputes over baselines are what stall new agreements.
Simple Analogy: A shared budget where overspending one month is deducted from the next.
General Awareness > International economy, commodities and India's import bill
GS Paper 3 > Economy > Energy security and external sector
The term 'West Texas Intermediate', sometimes found in news, refers to a grade of
Answer: Crude oil
Consider the following activities: I. Production of crude oil II. Refining... III. Marketing and sale... IV. Production of natural gas How many... are regulated by PNGRB?
Answer: Only one
The Organization of the Petroleum Exporting Countries together with allied non-OPEC producers such as Russia, Kazakhstan and Oman, which coordinate crude oil output policy.
The output ceiling assigned to a member country, calculated from an agreed baseline; overproduction must be compensated by later cuts.
The chokepoint connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea, through which a large share of seaborne crude oil moves.