The OPEC+ grouping of major oil producers said on Sunday it kept its output policy unchanged for October as the nations need to agree new quotas before deciding next output steps.
The meeting of seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — comes as the Iran war continues to disrupt oil exports through the Strait of Hormuz, limiting OPEC+'s influence over prices and market share.
In August, OPEC agreed its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in 2023.
Despite the agreed production increases, the group made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, still produces far below its targets because of the war.
OPEC power limited by Iran war
