The Organization of the Petroleum Exporting Countries and allies (OPEC+) has kept its oil output policy unchanged for October, the producer group said on Sunday, as members work to establish new production quotas before determining their next 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 the group's influence over global prices and market share.
In August, OPEC+ agreed to increase production in September, completing the phased unwinding of a 1.65 million-barrel-per-day supply cut first introduced in 2023.
Despite the planned increases, the 21-member group, which includes allies such as Russia, continues to produce well below its targets as the war disrupts output and exports.
The seven members will hold their next meeting on 4 October.
