OPEC+ Keeps Oil Output Steady in October

OPEC+ member countries have maintained their oil production policy unchanged for October, following six consecutive increases. It was decided to continue full cooperation with a commitment to the agreement, with monthly meetings to review the market. The decision includes seven countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, after the UAE's withdrawal from the organization in May. Production cuts of one million barrels per day are still in place until the end of 2026. Meanwhile, OPEC+ production in July rose to approximately 37.66 million barrels per day, and global oil demand is expected to grow by 600,000 barrels in 2026.

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