OPEC+ Seen Holding October Output Policy as Brent Tops $96.5 on Iran Tensions

OPEC+ held an online ministerial meeting on September 6 and is expected to keep its October oil output policy unchanged, while talks shift to a 2027 quota review. Jiemian News reported that the group has already ended 1.65 million barrels a day of voluntary cuts, with seven core members including Saudi Arabia and Russia raising their combined quotas by 188,000 barrels a day from September and pausing further increases until the end of 2026. Brent crude rose back above $95 a barrel as tensions between the U.S. and Iran intensified, and was trading around $96.5 a barrel in Asian hours on September 7, up about 7% so far in September. Jiemian News also cited PetroChina's August 30 interim results, saying the company posted first-half net profit attributable to shareholders of 103.936 billion yuan, up 22.0% year on year and its first time above 100 billion yuan, while average Brent crude for the first half was $87.60 a barrel, up 23.7%.