OPEC+ Keeps Quotas Unchanged Amid Hormuz Disruptions
OPEC+ has decided to keep oil production quotas unchanged for October, sticking to their plan after a series of symbolic quota increases. The group of seven countries led by Saudi Arabia and Russia made this decision during a monthly video conference on Sunday.
This move comes as the Iran war continues to disrupt oil exports through the Strait of Hormuz, limiting OPEC+'s influence over prices and market share. Unlike in the past, the cartel's supply decisions have had a limited impact on the market.
The decision is in line with OPEC+’s roadmap to hold targets flat until the end of the year. In August, OPEC+ agreed on its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023.