OPEC
12-member oil cartel; Q2 2026 Brent collapsed 30% despite successive production-increase approvals.
On 2 August, OPEC recorded seven producers approving another 188,000-barrel-a-day output adjustment for September, with no fourth-quarter pause in its communique.
Last refreshed: 22 October 2026 · Appears in 3 active topics
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Timeline for OPEC
Published secondary-source estimates of Russia's September output
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Russia-Ukraine War 2026Background
OPEC is an intergovernmental organisation through which oil-producing states coordinate petroleum policy and output decisions. It was founded in Baghdad and is headquartered in Vienna. Its ministerial agreements aim to influence global crude supply, but their effect depends on each member having spare capacity and following its allocation.
The organisation also works through OPEC+, a broader arrangement that includes Russia and other non-members. Many market-moving decisions are taken by smaller voluntary-adjustment groups inside that wider forum, so an OPEC Headline does not always mean every member changed production.
The Vienna secretariat publishes communiques, monthly market reports and production data. These documents separate formal decisions from delegate reports and from the number of barrels members actually pump. OPEC's influence therefore rests on three linked factors: its assessment of demand, agreed output policy and members' ability to deliver the promised change.
OPEC depends on wider coordination
On 5 July, OPEC+ approved a fourth consecutive monthly increase, adding 188,000 barrels a day to August output. The decision continued the wider group's effort to signal more supply even though members might not pump every approved barrel.
On 2 August, OPEC's own release recorded seven countries approving the same-sized adjustment for September and set 6 September for their next meeting. It did not mention the fourth-quarter pause reported earlier from delegate sources. For OPEC, the correction shows why formal communiques and actual production matter more than market expectations about its next move.
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Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 22 October 2026. Editorial standards.