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OPEC+ set to keep October oil policy steady amid Iran war disruption
OPEC+ is expected to maintain output guidance for October as the Iran war constrains Gulf exports, while production has lagged raised quotas.
OPEC+ is expected to leave its oil production policy unchanged for October when seven of its core members meet online Sunday, Reuters reported, citing sources familiar with the discussions.
Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman are scheduled to meet at 11:00 GMT, with the decision coming after the group spent much of 2026 lifting monthly production quotas as part of the phased rollback of supply cuts agreed in 2023.
Reuters said actual production has lagged the higher quotas, with the Iran war disrupting Gulf exports through the Strait of Hormuz and the Ukraine war weighing on Russian and Kazakhstan exports. OPEC production rose by 1.17 million barrels per day in July, but remained well below the group’s quotas.
The outlet also noted that the Iran war has weakened OPEC+’s ability to influence the market, because constrained Gulf flows have shifted attention toward physical supply rather than OPEC+ production targets. Brent crude was trading near $94 per barrel on Wednesday, and OPEC+ still has further production cuts covering most of its 21 members through the end of 2026, with attention turning to 2027 baselines.
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