OPEC+ Keeps Oil Output Policy Unchanged Amid Strait of Hormuz Disruptions

OPEC+ has maintained its oil production policy unchanged for October, as the group navigates ongoing disruptions to oil exports through the Strait of Hormuz and prepares for 2027 production quotas.

The seven core OPEC+ members agreed at a virtual meeting on September 6 to keep their September 2026 required production levels for October.

This decision reflects OPEC+'s continued assessment of global market conditions and its commitment to achieving full conformity with the Declaration of Cooperation.

Rystad Energy's Jorge Leon noted that 'OPEC+ currently has very limited power over the physical oil market.' The group's ability to influence supply and prices is constrained by physical supplies, particularly in light of ongoing Iran war disruptions to oil flows through the Strait of Hormuz.