Opec+ Keeps Oil Output Policy Unchanged Amid Iran War Disruptions

Opec+ has decided to keep its oil output policy unchanged for October, according to two people familiar with the discussions. This 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.

The group's supply decisions have had a limited impact on the market in recent times. In August, Opec+ agreed its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023.

Opec+, made up of the Organization of the Petroleum Exporting Countries and its allies including Russia, still produces far below its targets because of the war. The group has another layer of production cuts in place, covering most members until the end of 2026.