OPEC+ Maintains Oil Production Targets Amid Ongoing Conflicts
OPEC+ members have decided to maintain their oil production targets for October, despite ongoing conflicts in West Asia and disruptions to oil exports through the Strait of Hormuz. The seven countries involved - Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman - met virtually on September 6 to review global market conditions.
The decision comes as the Iran war continues to disrupt oil exports through the Strait of Hormuz, a key global oil shipping route. OPEC+ had previously agreed to increase production for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut introduced in 2023.
Under the October production schedule, Russia's quota will remain at 9.949 million barrels per day, while Saudi Arabia's will be 10.478 million barrels per day. The combined October quota for the seven countries, excluding compensation volumes, will be 31.01 million barrels per day.