OPEC+ Sticks to Oil Output Policy Amid Iran Conflict

OPEC+ members maintained their oil output policy unchanged for October, as the group focuses on reviewing quotas for 2027. The decision came at a meeting of seven core OPEC+ members, including Saudi Arabia and Russia.

The Iran conflict has weakened OPEC's influence over the market, limiting its ability to control prices and market share. Despite agreed production increases, the group still produces below targets due to the war.

Jorge Leon of Rystad Energy said OPEC+ currently has 'very limited power over the physical oil market.' The group will review members' oil production capacity before deciding how to unwind production cuts in place until the end of 2026.