OPEC+ will no longer increase oil production in October

OPEC+ did not increase oil production further for October, leaving the existing plan unchanged. Ahead of its next decision, the group will assess how much oil each member country can actually produce.

In recent months, OPEC+ had been gradually increasing oil production and unwinding the restrictions imposed in 2023. Following the increase planned for September, this process came to an end, although not all members of the group will be able to reach the agreed volumes. The ongoing war in Iran has also disrupted oil shipments through the Strait of Hormuz, creating additional problems for several exporters.

OPEC+ now needs to determine quotas for 2027. Before doing so, the group will assess how much oil each member country can realistically produce and set quotas accordingly.

Plans for November and December are not yet known. According to Reuters sources, OPEC+ may pause its oil production increases in the last quarter of the year. The group's next meeting will be held on October 4.

Source: Reuters