VIENNA: OPEC+ has agreed to leave its oil production policy unchanged for October, as disruption caused by the Iran conflict complicates the producer group’s efforts to influence global crude supplies and prices.
Seven core members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — agreed at a meeting on Sunday to maintain existing production quotas.
The decision follows OPEC+’s phased reversal of a 1.65 million-barrel-per-day production cut first introduced in 2023. The group completed the scheduled rollback with its September production increase.
Actual output nevertheless remains substantially below official targets as the Iran conflict disrupts oil movements through the Strait of Hormuz, one of the world’s most important energy corridors.
The disruption has reduced OPEC+’s ability to manage the physical oil market because increasing production targets does not necessarily mean additional crude can reach buyers.
Attention within the group is now shifting towards negotiations over 2027 production quotas, an issue likely to prove contentious, as individual members seek different baseline allocations.
OPEC+ has not announced its production policy beyond October, although Reuters previously reported that the group was likely to pause further increases during the fourth quarter. The seven participating countries are scheduled to meet again on October 4.