OPEC+ oil output rose by 956,000 barrels a day in September

OPEC+ producers raised oil output by 956,000 barrels a day in September, according to the group’s monthly figures.

The increase was led by Saudi Arabia, which added 744,000 barrels a day and produced 8.001 million barrels a day.

OPEC+ is an alliance of oil-producing countries that coordinates production limits.

The alliance’s output was still 5.453 million barrels a day below its baseline quota, even after the increase.

The figures exclude Iran, Libya and Venezuela, which are exempt from the production deal, and the UAE, which left OPEC+ effective May 1.

OPEC+ extended the deadline for members to make up for earlier overproduction through the end of 2026.

It has not yet released an updated schedule for those compensation cuts.