OPEC+ producers hold October quotas steady
Arabian Post Staff -Dubai OPEC+ producers have agreed to keep their October oil production quotas unchanged, resisting pressure for another supply adjustment as war-related disruptions continue to remove millions of barrels a day from Middle Eastern output. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman decided at a virtual meeting on Sunday to maintain September’s required…
OPEC+ oil producers have decided to keep their October production quotas unchanged, despite ongoing disruptions causing significant reductions in Middle Eastern output. The seven countries involved in the decision are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. They maintained September's production levels for October during a virtual meeting on Sunday, reaffirming their commitment to the wider OPEC+ agreement and pledging to continue monthly reviews of market conditions.
This decision leaves the group's near-term production framework intact after another step in unwinding voluntary cuts implemented in September. The October output level was increased by 188,000 barrels per day in August as part of a gradual return to pre-reduction supply levels. OPEC+ has not provided any policy guidance beyond October, with its next meeting scheduled for October 4.
However, the focus is shifting towards negotiations on 2027 production baselines, a potentially challenging process as quotas depend on individual members' sustainable production capacity. The unchanged October plan comes amid severe disruptions in the Gulf region, with the International Energy Agency estimating that 8.3 million barrels per day of Gulf oil production was still shut in during July compared to pre-war levels.
Written by urgent.news from Arabian Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
