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OPEC+ Keeps Oil Output Policy Unchanged for October Amid Production Challenges
Confirmed
In Short: OPEC+ has decided to maintain its oil output policy for October, citing the need to reassess production capacity before setting new quotas.
The Organization of Petroleum Exporting Countries and its allies (OPEC+) agreed on Sunday to keep its oil output policy unchanged for October, as the group needs to agree on new quotas before deciding its next output steps.
In August, OPEC+ agreed to its production boost for September, completing a phased rollback of a 1.65 million barrel-per-day (bpd) supply cut first agreed in 2023.
This has limited OPEC+'s ability to control prices and market share, and despite the agreed production increases, OPEC+ still produces much lower than its targets due to the ongoing war.
Before deciding how to unwind these cuts and return production to market, OPEC+ needs to assess members' oil production capacity for setting 2027 output baselines that form the basis for quotas.
The international oil benchmark Brent surpassed $97 per barrel Thursday morning but ended the day nearly unchanged at $95.52, reflecting ongoing market dynamics.
What's confirmed
What's still developing
- The ongoing Iran conflict limits OPEC+'s influence over oil prices.
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- Around the world, crude oil prices also keep climbing.
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