OPEC+ Likely to Keep October Oil Output Policy Unchanged

According to Bourse News, citing Reuters, three sources familiar with the matter said OPEC+ is likely to keep its October oil output policy unchanged at Sunday's meeting, as the group completed the unwinding of one layer of voluntary supply cuts this month and is now focused on 2027 quota negotiations. The meeting involves seven core members: Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman.

The report said the US military campaign against Iran continues to disrupt oil exports through the Strait of Hormuz, reducing OPEC+'s influence over prices and market share. Consultancy DeGolyer and MacNaughton is expected to deliver its review of members' production capacity, used to set 2027 quota baselines, to the group by the end of this month. Bloomberg also reported last week that Venezuela is weighing an exit from OPEC.