OPEC+ Quotas Unchanged Amid Ongoing Disruptions

The energy sector led gains on the ASX 200 market index as major oil producers announced they would maintain output quotas unchanged for October.

This decision by OPEC+ nations, led by Saudi Arabia and Russia, pushed crude prices above USD90 ($125) a barrel following an overnight Bloomberg report.

The subgroup of seven OPEC+ nations stated they will keep output targets steady in October despite ongoing disruptions in the Strait of Hormuz that have severely reduced regional oil exports.

Rystad Energy's head of geopolitical analysis, Jorge Leon, noted that 'For now, OPEC+ is moving barrels on paper rather than in the physical market.' He added that 'The real impact will come if and when Hormuz fully reopens.'