OPEC+ Fails to Boost Output Amid Iran War Chaos

OPEC+, the organization that includes major oil-producing countries like Saudi Arabia and Russia, kept its oil output policy unchanged for October.

The decision comes as the Iran war continues to disrupt oil exports through the Strait of Hormuz, limiting OPEC+'s influence over prices and market share.

Despite agreeing on a production boost for September, OPEC+ still produces far below its targets due to the ongoing conflict in Iran.

Jorge Leon of Rystad Energy stated that 'OPEC+ currently has very limited power over the physical oil market.'