OPEC+ Set to Maintain Oil Output Policy Amid Disrupted Exports
OPEC+ is likely to maintain its oil output policy for October at an upcoming meeting on Sunday, sources close to the matter told Reuters. The group will consist of seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman.
The decision comes as OPEC+ completes the unwinding of one layer of production cuts this month, which began in 2023. This phase involves a phased rollback of a 1.65 million-barrel-per-day supply cut agreed upon when the UAE was still part of the group.
The meeting's agenda also includes reviewing members' oil production capacity to determine 2027 output baselines, which will form the basis for quotas in the future. This review is expected to be completed by DeGolyer and MacNaughton, a Texas-based company conducting the assessment for most OPEC+ members.
The group's supply decisions now have a more limited impact on the market due to ongoing conflicts disrupting oil exports through the Strait of Hormuz. The wars in Iran and Ukraine have reduced OPEC+'s influence over prices and market share.