OPEC+ Holds Steady on Oil Output Policy in October

OPEC+ has decided to keep its oil output policy unchanged for October. The group, which includes major oil-producing countries and their allies, needs to agree on new quotas before adjusting its output.

In August, OPEC+ agreed to increase production for September as part of a phased rollback of a 1.65 million barrel-per-day supply cut first implemented in 2023.

The West Texas Intermediate (WTI) oil price has risen by 0.87% to $92.57, while the Organization of Petroleum Exporting Countries and its allies still produce far below their targets due to ongoing conflicts.