OPEC+ nations will keep oil production quotas unchanged in October after a series of symbolic increases, OPEC said in a statement. A sub-group of seven countries led by Saudi Arabia and Russia held a monthly video conference and agreed to hold targets steady through year-end. The decision comes as the US-Iran conflict has severely reduced exports from Persian Gulf nations due to disruption in the Strait of Hormuz, though some members have used alternative pipeline routes and covert shuttle runs to maintain flows.

Despite reduced physical output, OPEC+ continued raising quotas during the war to nominally complete the reversal of 2023 curbs. Many members have seen production capacity deteriorate since those curbs were announced, complicating future restoration efforts. "For now, OPEC+ is moving barrels on paper rather than in the physical market," said Jorge Leon, head of geopolitical analysis at Rystad Energy. The sub-group's next meeting is on Oct. 4, with an audit of member production capacity due by month's end ahead of a full alliance meeting in late November.