OPEC Leaves Oil Output Steady Amid Disrupted Supply

OPEC's seven core members are set to maintain their oil production policy unchanged for October, according to Reuters. The decision comes as the Iran war continues to disrupt Gulf exports through the Strait of Hormuz.

The seven producers - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman - are due to meet online on Sunday at 11:00 GMT. Much of this year's additional supply has failed to reach the market due to the war in Ukraine and the Iran conflict, which have hit exports from Russia and Kazakhstan.

OPEC production rose by 1.17 million barrels per day (bpd) in July, but output remained below the group's quotas. The Iran war has weakened OPEC+'s ability to influence the market, as Gulf exports are constrained by the disruption in Hormuz.