OPEC+ set to keep oil output policy unchanged on Sunday, sources say
OPEC+ members decided to maintain current oil output policies for October as they prepare for a complex review of production capacity for 2027. The group faces challenges in influencing global markets due to ongoing regional conflicts affecting exports.
Why it matters
OPEC+ decisions directly impact global energy prices and inflation, making their policy stability a critical indicator for the global economy.
By Ahmad Ghaddar, Olesya Astakhova and Alex Lawler
Sept 6 (Reuters) - OPEC+ kept its oil output policy unchanged for October at a meeting on Sunday, it said in a statement, as the producer group needs to agree new quotas before deciding its 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 and its allies, including Russia, still produces far below its targets because of the war.
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