OPEC+ set to keep oil output policy unchanged on Sunday, sources say

OPEC+ is set to keep its oil output policy ‌unchanged for October at a meeting on Sunday, two people familiar with the discussions told Reuters, as the producer group needs to agree ​new quotas before deciding its next output steps.

The ​meeting comes as the Iran war continues to disrupt oil ⁠exports through the Strait of Hormuz, limiting OPEC+'s influence over prices ​and market share. Unlike in the past, the group's supply ​decisions have had a limited impact on the market.

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 Organisation of the ‌Petroleum ⁠Exporting Countries and its allies, including Russia, still produces far below its targets because of the war.

OPEC+ still has another layer of production cuts in place, covering most members of ​the 21-country group ​until the ⁠end of 2026. Before the group decides how to unwind the cuts and return production ​to the market, it needs to review members' ​oil ⁠production capacity to set 2027 output baselines, which form the basis for quotas.

This debate will likely happen later in 2026, and ⁠hence ​OPEC+ is likely to pause its output increases ​for the fourth quarter, sources earlier told Reuters.

- Reuters