OPEC+ Sticks to Oil Output Policy Amid Iran Conflict
OPEC+ made no changes to its oil output policy for October at a meeting on Sunday, leaving its production targets unchanged. The decision comes as Iran's ongoing war disrupts oil exports through the Strait of Hormuz, limiting OPEC+'s influence over prices and market share.
Despite agreeing to increase production in September, OPEC+ still produces below its targets due to the conflict. 'OPEC+ currently has very limited power over the physical oil market,' said Jorge Leon of Rystad Energy.
The group will now focus on reviewing members' oil production capacity to set 2027 output baselines, which form the basis for quotas. This debate is expected to happen later in 2026, and sources have suggested that OPEC+ may pause its output increases for the fourth quarter.