OPEC+ Holds October Output Flat as 2027 Quota Debate Delays Next Steps
Updated
Updated · CNBC · Sep 6
OPEC+ Holds October Output Flat as 2027 Quota Debate Delays Next Steps
2 articles · Updated · CNBC · Sep 6
Summary
Seven core OPEC+ members left October output policy unchanged, the first pause after completing a phased rollback of a 1.65 million-barrel-per-day cut with September's increase.
The group said it must first review production capacity and set 2027 baselines, because those quotas will determine how and when remaining cuts lasting through end-2026 can be unwound.
Iran war disruptions through the Strait of Hormuz have also blunted OPEC+'s control over the physical market, with several members still producing well below targets despite higher quotas on paper.
Oil prices still climbed sharply: Brent settled at $96.28 and rose nearly 8% for the week, while WTI closed at $91.48 and gained almost 10% as U.S.-Iran fighting resumed.
The statement gave no guidance beyond October, though sources had said OPEC+ was likely to pause fourth-quarter increases; the seven countries meet again on Oct. 4.