OPEC+ to pause oil output increase in October

VIENNA, Sept. 6 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Sunday to pause oil output increases in October, OPEC said in a statement.

Photo taken on Sept. 5, 2022 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. (Photo by Wang Zhou/Xinhua)

The decision came after a virtual meeting of OPEC+ member countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, to review global market conditions and the economic outlook.

"The seven participating countries decided to maintain September 2026 required production for October 2026," the statement noted.

The seven OPEC+ countries had been raising oil output on a monthly basis since April 2026.

OPEC said the seven countries will meet next time on October 4 to review market conditions.