Opec+ keeps oil output policy unchanged for October amid Iran war uncertainty

Opec+ maintained its oil output policy for October, with a meeting of key members held online on Sunday. The group, which includes Saudi Arabia and Russia, decided to keep output unchanged for the month, maintaining the 1.65 million barrel per day cut introduced in 2023. This comes amid uncertainty surrounding the ongoing conflict between Iran and the US.

The group had previously increased output by 188,000 barrels per day in September, and by 206,000 barrels per day for April and May. Previously, the group had paused output increases for the first three months of the year due to seasonal demand fluctuations. The seven Opec+ countries will continue to hold monthly meetings to assess market conditions, with the next session set for October 4.

Oil markets have been volatile, with prices spiking to $126 per barrel earlier this year following attacks on oil infrastructure by the US and Israel, before falling as peace talks were attempted. However, renewed fighting between the US and Iran has led to concerns over further disruption to global oil supplies. Oil prices have fluctuated, with Brent crude reaching $96.28 per barrel and US crude settling at $82.44 per barrel.