OPEC+ agrees to keep oil output policy unchanged for October

The Organization of Petroleum Exporting Countries and its allies (OPEC+) agreed on Sunday to keep its oil output policy unchanged for October, as the group needs to agree on new quotas before deciding its next output steps.

In August, OPEC+ agreed to its production boost for September, completing a phased rollback of a 1.65 million barrel-per-day (bpd) supply cut first agreed in 2023. Despite the agreed production increases, the group still produces far below its targets because of the war.

Market reaction

At the time of writing, the West Texas Intermediate (WTI) is up 0.87% on the day at $92.57.