OPEC+ Maintains Oil Production Target Amid Global Uncertainty

The OPEC+ countries met virtually on September 7 to review global market conditions and oil production. The seven core members, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, decided to keep their oil output policy unchanged for October.

This decision comes after the group increased production by approximately 188,000 barrels per day for September, which completed the rollback of a voluntary production cut of around 1.65 million barrels per day introduced in 2023.

The meeting was held against the backdrop of ongoing disruptions to oil exports, including those linked to the conflict involving Iran and disruptions around the Strait of Hormuz. These issues have limited the impact of OPEC+ production decisions on global oil supplies and prices.