OPEC+ Sticks to October Oil Quotas Amid Ongoing Market Uncertainty

OPEC+, the oil-producing cartel, has maintained its production policy for October after a meeting between seven key member countries.

The meeting was attended by Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, who collectively agreed to determine new production quotas before making further adjustments.

This comes as OPEC+ continues to grapple with its influence over the physical oil market, which remains limited due to ongoing conflicts such as the war in Ukraine.

Jorge Leon of Rystad Energy noted that 'OPEC+ currently has very limited control over the physical oil market,' emphasizing that while the group can change production targets, it cannot guarantee actual production or supply to the market.

The focus is shifting towards discussions on production policy for 2027, with OPEC+ set to review each member's production capacity before determining 2027 production baselines and quotas.