OPEC+ set to keep oil output policy unchanged on Sunday, sources say

OPEC+ set to keep oil output policy unchanged on Sunday, sources say FILE PHOTO: OPEC logo is seen in this illustration taken June 25, 2026. REUTERS/Dado Ruvic/Illustration/File Photo · Reuters Reuters Sun, September 6, 2026 at 9:38 AM GMT+2 1 min read CL=F Sept 6 (Reuters) - OPEC+ is set to keep its oil output policy unchanged for October at a ‌meeting on Sunday, two people familiar with the ‌discussions told Reuters, as the producer group needs to agree new quotas before ​deciding its next output steps. The meeting comes as the Iran war continues to disrupt oil exports through the Strait of Hormuz, limiting OPEC+'s influence over prices and market share.

Unlike ‌in the past, ⁠the group's supply decisions have had a limited impact on the market. In August, OPEC+ agreed ⁠its production boost for September, completing a phased rollback of a 1. 65 million-barrel-per-day supply cut first agreed in 2023.

Despite the ​agreed production ​increases, the group made up ​of the Organization of ‌the Petroleum Exporting Countries and its allies, including Russia, still produces far below its targets because of the war. OPEC+ still has another layer of production cuts in place, covering most members of the 21-country group until the end of ‌2026. Before the group decides how ​to unwind the cuts and return ​production to the market, ​it needs to review members' oil production capacity ‌to set 2027 output baselines, ​which form the ​basis for quotas.

This debate will likely happen later in 2026 and hence OPEC+ is likely to pause its ​output increases for ‌the fourth quarter, sources earlier told Reuters.