On September 6, local time, the Organization of the Petroleum Exporting Countries (OPEC) issued a statement saying that seven major OPEC oil-producing countries have decided to keep their October crude oil output unchanged at the September level, and reaffirmed their commitment to maintaining market stability.

File photo shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, the capital of Austria. 

According to Xinhua News Agency, representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting that day to assess the current situation and outlook of the global oil market. This marks the first time that major oil-producing countries have paused their production increases since they began ramping up output in April of this year.

Some media reports have stated that the conflict in the Middle East has disrupted oil shipments through the Strait of Hormuz, thereby limiting OPEC’s influence over oil prices and market share. OPEC will assess the oil production capacities of its member countries later this year to establish a production baseline for 2027.

“OPEC+” is composed of OPEC member countries and non-OPEC oil-producing countries such as Russia. In March 2025, the aforementioned seven countries, together with the United Arab Emirates—which has already withdrawn from OPEC—jointly decided to gradually increase crude oil production starting April 1 of the same year. Thereafter, the eight countries maintained monthly production increases until December. From January to March 2026, the eight countries will suspend production increases due to seasonal factors. Thereafter, the eight countries announced that they would resume increasing production starting in April. On May 1, the United Arab Emirates officially withdrew from OPEC and “OPEC.”