OPEC+ Keeps Oil Output Policy Unchanged Amid Ongoing War and Production Cuts
OPEC+ is set to maintain its current oil output policy for October at an upcoming meeting on Sunday, according to sources close to the discussion. The decision comes as Iran's ongoing war disrupts oil exports through the Strait of Hormuz, limiting the group's influence over prices and market share.
Despite agreeing to production boosts in August, OPEC+ still produces below its targets due to the conflict. In fact, the group made up of 21 countries, including Russia, is operating under a layer of production cuts that won't be fully lifted until the end of 2026.
The next step for OPEC+ will be to review members' oil production capacity and set 2027 output baselines, which serve as the basis for quotas. This debate is expected later in 2026, prompting sources to suggest that the group may pause its output increases for the fourth quarter.