OPEC+ will leave its October output policy unchanged at Sunday's meeting, two people familiar with the discussions told Reuters. The group needs to agree new quotas before deciding its next move, with the Iran war still disrupting exports through the Strait of Hormuz.
OPEC+ is set to keep its oil output policy unchanged for October at a meeting on Sunday, two people familiar with the discussions told Reuters. The producer group needs to agree new quotas before it can decide its next steps on output.
War in Iran limits OPEC+'s pricing power
The meeting comes as the Iran war continues to disrupt oil exports through the Strait of Hormuz, limiting OPEC+'s influence over prices and market share. Unlike in the past, the group's supply decisions have had a limited impact on the market.
September hike completed a phased rollback
In August, OPEC+ agreed its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023. The group, made up of the Organization of the Petroleum Exporting Countries and its allies including Russia, still produces far below its targets because of the war, despite the agreed increases.
Fourth-quarter pause likely as 2027 baselines loom
OPEC+ still has another layer of production cuts in place, covering most members of the 21-country group until the end of 2026. Before the group decides how to unwind those cuts and return production to the market, it needs to review members' oil production capacity to set 2027 output baselines, which form the basis for quotas. That debate will likely happen later in 2026, so OPEC+ is likely to pause its output increases for the fourth quarter, sources earlier told Reuters.
Source: Investing.com
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