OPEC+ Keeps Oil Output Policy Unchanged Amid Iran War Disruptions
OPEC+ kept its oil output policy unchanged for October at a meeting on Sunday, according to a statement from the group. The decision comes as OPEC+ continues to be limited by the Iran war, which is disrupting oil exports through the Strait of Hormuz and limiting the group's influence over prices and market share.
The seven core OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, met on Sunday. The meeting comes as OPEC+ has been producing far below its targets due to the ongoing conflict in Iran.
Jorge Leon of Rystad Energy noted that 'OPEC+ currently has very limited power over the physical oil market.' This is because the group can change production targets, but it cannot guarantee that those barrels will be produced or actually reach the market. The focus now shifts away from monthly production adjustments and towards the much more consequential debate over 2027.