OPEC+ holds October output steady as Iran war disrupts oil flows

OPEC+’s seven-member ministerial group, led by Saudi Arabia and Russia, agreed to keep oil-production quotas unchanged for October after six consecutive monthly increases. The decision maintains the group’s production roadmap through year-end, while broader cuts remain in place for many members through 2026. The U.S.-Iran war and disruptions in the Strait of Hormuz have sharply constrained physical oil flows, limiting the effect of OPEC+ quota decisions on prices and supplies despite nominal increases. OPEC+ is expected to focus increasingly on auditing members’ production capacity and negotiating 2027 baselines and quotas. The next monthly meeting is scheduled for October 4.