OPEC+ Expected to Hold October Oil Output Steady

OPEC+ is expected to maintain its current oil production policy for October, according to people familiar with the discussions. The decision comes as the producer alliance meets on Sunday, September 6, 2026, with a focus shifting toward establishing new output quotas for 2027. The group, comprising the Organization of the Petroleum Exporting Countries and its allies including Russia, needs to agree on new production baselines before charting future output strategies. This anticipated pause in policy changes follows a period of agreed production increases. In August, OPEC+ decided to boost output for September, completing a phased rollback of a 1.65 million barrel per day supply cut that was initially agreed upon in 2023. However, actual production levels for the group remain significantly below official targets. This discrepancy is largely attributed to ongoing disruptions affecting regional oil shipments. The protracted conflict with Iran continues to impede oil exports through the critical Strait of Hormuz, a situation that has diminished OPEC+'s traditional influence over global oil prices and market share.