OPEC+ Holds Steady on Oil Output Policy Amid Strait of Hormuz Disruptions

OPEC+ is expected to maintain its oil production policy unchanged for October, according to Reuters. The group's meeting on Sunday will focus on setting new production quotas rather than making adjustments.

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

OPEC+ had agreed in August to raise production for September, completing a phased reversal of a 1.65 million barrel-per-day supply cut originally agreed in 2023. However, actual production remains below the group's targets due to ongoing disruptions.