OPEC+ Keeps Oil Output Policy Unchanged for October

OPEC+, the global oil producer group, has decided to keep its output policy unchanged for October. This decision was made during a meeting on September 6th, where seven member countries, including Saudi Arabia and Russia, were in attendance.

The group's focus has shifted from adjusting production levels to reviewing production capacity and setting new output quotas for 2027. The review is expected to take place later this year, with the goal of establishing baselines used to determine output quotas for 2027.

OPEC+ previously agreed to increase production in September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first implemented in 2023. The group still has another layer of production cuts covering most of its 21 members through the end of 2026.