Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, the seven member countries of the OPEC+ coalition, met virtually on October 4, 2023, to review the status of the global oil market. This meeting was held to stabilize oil production in September 2026, aiming to maintain balance in the global oil market.
Stabilization of Oil Production and Its Details
In this meeting, the mentioned countries decided to stabilize their oil production for November 2026. This action was taken to prevent fluctuations in oil prices and to meet the needs of the global market. Detailed information on the oil production of these seven countries will be provided in the relevant tables.
Read more: Saeed Tavakoli explained the performance of Iran's gas industry in the first half of this year
Commitment to the Cooperation Agreement
In addition to stabilizing production, these countries emphasized their collective commitment to fully adhere to the cooperation agreement. This agreement is designed to coordinate among oil-producing countries, especially in times of economic crisis. OPEC+ member countries will hold monthly meetings to continuously monitor the market situation and make necessary decisions.
This action, while demonstrating the unity and cooperation of OPEC+ member countries, is seen as an effective solution for managing potential crises in the oil market. The next meeting of these countries to further assess the oil market situation is scheduled for November 1, 2026.
Given the recent political and economic developments globally, these decisions could have a significant impact on the oil market and its pricing. OPEC+ member countries have always sought to maintain stability and balance in the global oil market, and the decision to stabilize production can be considered a positive step in this direction.
Read more: Kuwait and Saudi Arabia have entrusted the construction of onshore facilities for the Arash gas field to a European company · The U.S. sent two Patriot missile batteries to Saudi Arabia and Qatar
