OPEC+ Freezes Output as Iran War Disrupts Oil Exports

OPEC+, a group of oil-producing nations, has maintained its production policy for October. The decision was made at a meeting on Sunday, where Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman participated.

The seven producers are expected to pause supply increases in the fourth quarter due to the ongoing Iran war, which has disrupted oil exports through the Strait of Hormuz. This disruption has weakened OPEC+'s influence over global supplies, prices, and market share.

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

OPEC+ will review production capacities and establish new quotas for 2027. However, actual production continues to fall short of OPEC+'s targets.