OPEC+ set to keep oil output policy unchanged: Here’s why

OPEC+ is set to keep its oil output unchanged for October at a meeting today as the producer group finalizes new quotas before deciding on its next output steps.

The meeting comes as the geopolitical turmoil disrupts oil exports through the Strait of Hormuz, restricting OPEC+’s market dominance. These group decisions have made a negligible impression on the market.

OPEC+ ramped up production for September by completing an incremental rollback of a 1.65-million-barrel-per-day supply cut that occurred in 2023.

Despite the negotiated rise in output, the group made up of the Organization of the Petroleum Exporting Countries and its allies still produces far below its targets because of the war as reported by the Reuters.

Nonetheless, OPEC+ still has additional output cuts in place covering most members through the end of this year. Before restoring production to the market, it must review production capacities to set the basis for 2027 quotas.

As the decision awaits in 2026, OPEC+ will stop its output increases for the fourth quarter.