OPEC+ Stalls on October Output as Strait of Hormuz Disruptions Bite

OPEC+, an alliance of oil-producing nations, held steady its October output targets after an online meeting on Sunday. The decision extends a pause in production increases as hostilities between the US and Iran continue to disrupt oil flows through the Strait of Hormuz.

The seven core members of OPEC+ - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman - agreed to keep October targets in line with September levels. This decision comes despite a production boost for September agreed upon by the group in August.

Jorge Leon, head of geopolitical analysis at Rystad Energy, noted that OPEC+ currently has limited power over the physical oil market due to the war. He emphasized that the focus is shifting away from monthly adjustments and toward a more consequential debate over 2027 production baselines.