OPEC+ Keeps Oil Production Quotas Unchanged Amid Hormuz Disruptions

Major oil-producing countries have agreed to maintain their production quotas for October, according to OPEC+. The decision was made during a monthly video conference led by Saudi Arabia and Russia. This move aligns with the group's plan to keep targets flat until the end of the year.

The ongoing U.S.-Iran conflict has limited the impact of OPEC+ decisions as disruptions in the Strait of Hormuz severely reduce oil exports from Persian Gulf nations. However, some countries have managed to maintain flows through alternative pipeline routes and covert shuttle operations.