OPEC+ to Stick with Current Oil Output Policy Amid Global Turmoil

OPEC+, a group of major oil-producing countries led by Saudi Arabia and Russia, is expected to maintain its current oil output policy for October. According to sources close to the matter, the group will not change its strategy at an upcoming meeting on Sunday.

The decision comes as OPEC+ completes the unwinding of one layer of production cuts agreed upon in 2023. The cuts, which were implemented in response to the pandemic, were gradually phased out over several months.

However, actual oil output has lagged behind planned increases due to disruptions caused by the ongoing war in Iran and Ukraine. This has reduced OPEC+'s influence over global oil prices and market share.

The meeting on Sunday will involve seven core members of OPEC+, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. The countries have been increasing their monthly production quotas for most of this year, but actual output has not kept pace.