Kazakhstan to Keep Oil Output at October Level OPEC+

Seven OPEC+ countries have agreed to keep oil production volumes in October 2026 at the level provided for by the September plan. This was reported by Qazaqyia.kz citing Kursiv Media.

The decision was made on September 6 during a virtual meeting, according to the organization's website. The discussion involved Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. These states had previously announced additional voluntary production adjustments in April and November 2023.

"On September 6, seven OPEC+ countries that had previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting to discuss the state and prospects of the global market. The seven participating countries decided to maintain the production volume necessary to fulfill the September 2026 plan for October," the statement said.

Thus, in October, the participants of the agreement will continue to adhere to the production levels provided for by the September plan.

In September, Kazakhstan increased oil production by 10 thousand barrels per day compared to August. The production volume amounted to 1.628 million barrels per day.

The seven states also reaffirmed their collective commitment to full compliance with the Declaration of Cooperation. The participants will continue to hold meetings every month to assess the situation and prospects of the global oil market. The next meeting of the seven OPEC+ countries is scheduled for October 4.

Significance of the OPEC+ Decision

This decision is aimed at ensuring stability in the global oil market. For Kazakhstan, it is an opportunity to stabilize production volumes, which will have a positive impact on the country's economy.

Oil Production Dynamics in Kazakhstan

The September increase demonstrates Kazakhstan's commitment to fulfilling its obligations under the OPEC+ agreement. The figure of 1.628 million barrels confirms the country's production potential.

Next Meeting

At the meeting on October 4, the parties will again review the market situation and make adjustments if necessary. Given that OPEC+ decisions directly affect global oil prices, the attention of world experts is focused on this meeting.