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.

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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 Organization 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.