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Photo by Andrey Rudakov/BloombergMajor OPEC+ nations stuck with their plan to keep oil production quotas unchanged, while the Iran war continues to shutter vast swathes of output in the Middle East.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorA sub-group of seven countries led by Saudi Arabia and Russia, which held a monthly video conference on Sunday, will keep targets steady in October after a series of symbolic quota increases, OPEC said in a statement. That’s in keeping with the group’s roadmap to hold targets flat to the end of the year.The United States-Iran conflict has blunted the impact of OPEC+ decisions for the time being as disruption in the Strait of Hormuz severely reduces oil exports from Persian Gulf nations, though several of them have managed to prop up flows using alternative pipeline routes and covert shuttle runs.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againDespite the reduced flows, the Organization of the Petroleum Exporting Countries and its allies continued to raise quotas during the war to nominally complete the reversal of output curbs made in 2023, and potentially give some members extra leeway to bolster output once the fighting subsides.While the coalition formally has another layer of halted supplies it still needs to restore, doing so will be complicated because many members have seen their production capacity deteriorate since the curbs were announced. The war has made the picture more complex.Last week, renewed hostilities rocked oil prices, as U.S. President Donald Trump ordered fresh attacks on Iranian facilities and the Islamic Republic retaliated against American bases in the region.“For now, OPEC+ is moving barrels on paper rather than in the physical market,” said Jorge Leon, head of geopolitical analysis at Rystad Energy who previously worked at the OPEC secretariat. “The real impact will come if and when Hormuz fully reopens, when the group may suddenly shift from managing constrained exports to confronting a mounting surplus.”The sub-group’s next monthly meeting will be on Oct. 4.The next priority for OPEC+ is an audit of how much each member can physically produce, to be used in calculating members’ production limits for 2027. The review is to be completed at the end of this month, and then considered by oil ministers when the full alliance meets in late November.“The focus now shifts away from monthly production adjustments and towards the much more consequential debate over 2027,” said Leon. “That exercise is likely to be far more difficult, and politically sensitive.”—With assistance from Nayla Razzouk. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.