OPEC+ reaffirms October oil output levels in Sunday statement

Oil prices climbed 1.5% on Monday following a meeting held on Sunday where OPEC+ stated it would keep its output policy unchanged for October. Seven core members—Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman—reaffirmed their commitment to market stability during a virtual session. According to the group's statement, the organization intends to maintain production levels previously set for September 2026. The decision came as ongoing conflict near the Strait of Hormuz continued to disrupt oil exports, limiting the cartel's ability to control supply and pricing physically. While OPEC+ had agreed to a production increase in August, officials note that actual output remains significantly below targets due to the war. Jorge Leon of Rystad Energy observed that OPEC+ can only alter targets on paper and cannot guarantee barrels reach the market. The meeting focused less on monthly adjustments and more on long-term debates regarding 2027 output steps. The group promised to hold another meeting for October 4, 2026.