OPEC and its allies announced on Sunday that they will leave crude oil production quotas unchanged for October. This decision follows six consecutive monthly increases.
The move comes as the Iran war continues to shutter vast swathes of output in the Middle East. The decision was reached following the resumption of military strikes between the U.S. and Iran in the Persian Gulf.
Ongoing conflict is also disrupting oil exports through the Strait of Hormuz. These disruptions are limiting the influence of OPEC+ over oil prices and market share.