OPEC+ maintains oil output policy unchanged

  • OPEC+ kept its oil output policy unchanged for October.
  • Brent rose 52 cents to $96.80 a barrel, while WTI reached $92.14.
  • U.S. and Iranian forces struck oil tankers on Saturday amid Hormuz disruptions.

OPEC+ kept its oil output policy unchanged for October as U.S. and Iranian strikes on commercial vessels intensified concern that Middle East supply disruptions could persist. Brent crude futures rose 52 cents, or 0.54%, to $96.80 a barrel by 2354 GMT, while U.S. West Texas Intermediate gained 66 cents, or 0.72%, to $92.14. Brent rose 7.8% last week and WTI gained nearly 10% after attacks resumed and flows through the Strait of Hormuz declined. U.S. Central Command said U.S. forces struck three Iranian oil tankers on Saturday, including one near Kharg Island. Iran's Islamic Revolutionary Guard Corps said it targeted three tankers travelling through unauthorized routes in the Strait of Hormuz and three additional U.S. vessels elsewhere. Kpler data showed an average of 10 commodity ships a day crossed the waterway over the past 10 days, the lowest level since May. The October decision follows six monthly quota increases that completed the unwinding of a 1.65 million-barrel-per-day voluntary cut by seven producers. OPEC+ must set new quotas before deciding further output steps, while the prolonged disruption has kept actual exports below nominal targets. ANZ analysts expect exports to remain constrained through the rest of 2026, followed by a gradual reopening late in the fourth quarter and a return to pre-war throughput in late first quarter or early second quarter of 2027.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.