OPEC+ maintains October oil production targets amid geopolitical conflicts and supply disruptions

Seven OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed on September 6 to keep their September 2026 crude oil production levels unchanged for October. This decision comes as the group prepares for negotiations on 2027 production baselines and grapples with ongoing disruptions to oil exports through the Strait of Hormuz due to the Iran war, which has limited OPEC+'s ability to influence physical oil supply and prices.