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Energy

OPEC+'s seven hold October at September's level while Brent opens the week at $97

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman decided on Sunday to keep their October required production at the September level, with Kazakhstan's line at 1.628 million barrels a day. Brent's November contract traded at $97.28 at 08:15 Moscow time on Monday, up $1 on the day, and the tenge closed at 454.31 to the dollar, 2.04 stronger than on Friday.

OPEC+'s seven hold October at September's level while Brent opens the week at $97

The seven's statement, dated 6 September, says they "decided to maintain September 2026 required production for October 2026", "reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation" and will meet again on 4 October. The United Arab Emirates is absent from the list of seven; the statement does not say why.

Kazakhstan's 1.628 million barrels a day comes from the table attached to the statement, as Interfax and Kommersant relayed it over the weekend. The figure is a required level; production is a different series, published separately. The ministry's 2026 plan of 96 million tonnes is a different perimeter again, since it counts oil and condensate together.

Interfax's 08:40 note gave Brent at $97.28 and WTI's October contract at $92.46, up $0.98, and put the morning's rise down to another exchange of strikes between the United States and Iran; the seven's decision sits in the same note. Azeri Light's last print, on Saturday, was $104.20, 0.74% down on Friday; Monday's had not been published when this pack closed.

The figure is a required level; production is a different series, published separately.

Against the budgets the numbers stand where last week left them. Brent at $97.28 is 62% above the $60 the Kazakh budget law of 2026 runs on; Azeri Light at $104.20 is 60% above the $65 written into Baku's. The tenge gained 2.04 on the day.