OPEC+ Keeps Oil Output Policy Unchanged Amid Iran Conflict

OPEC+, the group made up of the Organization of the Petroleum Exporting Countries and its allies, including Russia, has decided to keep its oil output policy unchanged for October. This decision comes despite ongoing efforts to increase production.

The meeting of seven core OPEC+ members - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan ​and Oman - was held on Sunday and resulted in no changes to the current policy. The group's power is currently limited by the Iran conflict, which has disrupted oil exports through the Strait of Hormuz.

Jorge Leon of Rystad Energy stated that OPEC+ currently has very limited power over the physical oil market. He noted that the group can change production targets on paper but cannot guarantee that those barrels will be produced or actually reach the market.