OPEC+ to Maintain Oil Output Policy at Upcoming Meeting
OPEC+ is expected to maintain its oil output policy unchanged for October during a meeting on Sunday, according to three sources close to the matter. The decision comes as the group completes part of a phased rollback of production cuts and shifts focus toward setting new quotas for 2027. Despite planned quota increases this year, actual output has lagged due to disruptions from conflicts in Iran and Ukraine affecting exports. The meeting will involve seven core OPEC+ members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman. The group still maintains another layer of production cuts until the end of 2026 while reviewing member countries' oil production capacity to determine future output baselines. A report from Texas-based DeGolyer and MacNaughton is expected by late September, which could lead to complex negotiations before new quotas are set at year-end. The ongoing Iran war has disrupted exports through the Strait of Hormuz, reducing OPEC+'s influence on prices and market share. Some members like Iraq have pushed for higher quotas based on increased production capacity, while others such as Venezuela consider leaving OPEC.
