OPEC+ Keeps Output Policy Unchanged Amid Global Supply Strains

OPEC+ member countries have decided to keep their oil output policy unchanged for October. The decision was made at a meeting of seven OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, which meet monthly to review market conditions and production policy.

The group's intention is to revise OPEC+ member countries' production quotas, but for now, output will remain the same. This decision comes despite the current strain on global oil supply, with a well-known chokepoint at the Strait of Hormuz preventing 8.3 million bopd (or 36% of Gulf oil) from reaching markets.

OPEC+ produces over a third of the world's roughly 100 million bopd supply and controls over 80% of the world's proven reserves. The group's next meeting on October 4 is expected to focus on reviewing members' production capacity, which will be used as the basis for setting 2027 quotas.