OPEC+ Maintains Oil Output Policy Amid Ongoing Conflicts

OPEC+, the group of oil-producing countries and their allies, has decided to maintain its current oil output policy for October. The decision comes after a meeting on Sunday, where the group agreed not to change its production levels at this time. According to sources, OPEC+ needs to agree on new quotas before making any further decisions about its output steps.

This move is related to the group's phased rollback of a 1.65 million barrel-per-day (bpd) supply cut, which was first agreed upon in 2023. Despite recent production increases, OPEC+ still produces below its targets due to ongoing conflicts. The West Texas Intermediate (WTI) price has risen by 0.87% on the day, trading at $92.57.