VIENNA — OPEC and its allies, together known as OPEC+, decided on Thursday to keep their oil production policy unchanged for October, leaving the group’s current output cuts in place as it watches demand signals and prepares for a wider market rebalancing.
The decision, reached at the group’s monthly online meeting, means the voluntary production cuts of about 2.2 million barrels per day that several members announced last year will remain in effect through next month. The group had already agreed to start gradually unwinding those cuts later in 2026, and market watchers had been looking for any sign that schedule might be adjusted.
In a brief statement, the group said it would continue to monitor market conditions closely and stood ready to act if needed. No member country spoke publicly in favor of changing course for October, according to delegates familiar with the talks.
Oil prices have remained under pressure this year as global supply has stayed ample and demand growth from major importers like China has come in below earlier forecasts. U.S. crude production has also stayed near record levels, adding to the supply picture despite OPEC+ restraint.
Analysts said the decision was widely expected but still carries weight because it sets the tone for the final quarter of the year, when the group’s planned output increase is supposed to begin. Some market participants have questioned whether OPEC+ can follow through on that plan without pushing prices lower.
The next scheduled meeting is set for later this year, when the group will take up the question of whether to proceed with the planned production increase. For now, the message is one of patience — but the market knows that patience has a limit.
