OPEC+ Sticks with Unchanged Oil Output Policy Amid Iran Disruptions

OPEC+ is set to maintain its oil output policy unchanged for October at its meeting on Sunday, according to three sources close to the matter. The group will review its production quotas for 2027, but no changes are expected in the short term. The Iran war continues to disrupt oil exports through the Strait of Hormuz, reducing OPEC+'s influence over prices and market share.

The meeting comes as the producer group completes the unwinding of one layer of production cuts this month. The countries involved have been raising monthly production quotas for most of this year, but actual output has lagged behind due to disruptions in exports from the Gulf, Russia, and Kazakhstan.

OPEC+ still has another layer of production cuts in place until the end of 2026. It is also reviewing members' oil production capacity to determine 2027 output baselines, which will form the basis for quotas. DeGolyer and MacNaughton is conducting the review and expected to submit its report to OPEC at the end of September.